Thursday's Headlines: Jefferies Continues Snowball Growth with Prudential Unit Buy
Jefferies Group is growing by leaps and bounds, with recent news of plans to buy Prudential's 400-person commodities and financial-derivatives unit for about $400 million, according to the Wall Street Journal which writes:
"The potential transaction underscores the ambitions of Jefferies to grow from a securities-industry boutique focused on stock trading into a full-service investment bank that helps clients raise money and trade stocks, bonds and derivatives, where investors and big industry players transfer the risks of future price movements."
Jefferies has hired 850 people since 2009, bringing headcount to more than 3,000. New hires have focused on bond traders and investment bankers, including 34 health-care bankers from UBS and derivatives-industry veteran Patrice Blanc to run a new futures division.
Deal makers just completed their strongest quarter since before the financial crisis. [NY Times]
Citigroup was barred from adding wealth management clients in Indonesia amid a fraud probe. [Bloomberg]
Most of the clients in RAB Capital's Special Situations fund have pulled out their cash out. [Telegraph]
Advisers are increasingly turning to social media to reach out to prospects and clients, while cold calling is dying. [Investment News]
Financial services hiring in London is likely to be slower this year. [Financial Times]
Goldman made an offer to buy all of its joint venture in Australia and New Zealand. [DealBook]
Goldman's exclusive private marketplace for the ultrarich investors falls flat. [WSJ]
Small banks fear financial reform would crush the already struggling sector. [Reuters]
State Street's money management boss out-earns its CEO. [Investment News]