JEFFERIES Financial Group hired two senior traders from CLSA, building out in Asia-Pacific after its revenue in the region jumped last year, a source familiar with the matter said.
Robert Levine, co-head of trading and execution services, and Cale McCulloch, former head of Hong Kong and China sales trading, resigned recently to join the US investment bank in Hong Kong, the source said, asking not to be identified because the matter is private. Levine, a 23-year veteran and a member of CLSA’s executive committee, will join for a senior role on the regional high-touch desk, they said.
The bank also recently hired Gavin Chu from Citigroup’s high-touch desk, according to the source.
The senior hires for the trading business align with the US bank’s push to capitalise on a surge in stock sales and trading revenue in the region. Net revenue from Asia at Jefferies’ investment banking and capital markets division – spanning equities and fixed income – rose nearly 70 per cent to US$505 million last year. That represented 7.2 per cent of the global division’s revenue, according to its annual report.
Levine and McCulloch did not respond to requests for a comment while Chu declined to comment. A media representative at Jefferies declined to comment and CLSA did not immediately respond to a request for comment. Citigroup also declined to comment.
Since 2023, Jefferies stepped up hiring of dozens of investment bankers across Asia from banks including Credit Suisse, which had a slew of departures after a government-brokered takeover by UBS Group.
In 2024, the investment bank hired 161 employees for Asia-Pacific, accounting for 13 per cent of its global headcount, up from 11 per cent in 2023. BLOOMBERG
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