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Jefferies' co-head of mortgage backed securities and ABS has just left

The co-head of the mortgage and asset-backed securities group for Europe at Jefferies has left the bank.

Steven Hulett, who joined Jefferies from Royal Bank of Scotland in June 2009, has just departed, according to regulatory filings. Craig Tipping, who is the other co-head of MBS and ABS at Jefferies, is still at the bank.

Hulett was previously a managing director of ABS and collateralized debt obligations (CDOs) at RBS for nearly two years before signing up to Jefferies. Prior to this, he spent over 14 years at Lehman Brothers – latterly as a managing director in structured credit sales – departing in May 2007.

Jefferies had been expanding its structured credit team. Last year, Peter Melichar, a former Deutsche Bank MD, was brought in a new head of European collateralised loan obligation (CLO) origination role with a mandate to expand the team.

22 FCA registered employees have left Jefferies since April including some senior bankers. Notably, Henry Elphick, joint head of healthcare at the firm, left in June to become CEO of healthcare market intelligence firm LaingBuisson. Meanwhile, it's the president of its European arm left in May.

However, it has also been hiring, particularly in equities. Five people joined in research sales or trading earlier this month, while a further six people have also just joined from Deutsche Bank’s metals and mining investment banking team.

Jefferies' London business is well known for paying very generous bonuses. However, the bank requires that bankers who leave within 12 months of receiving bonuses pay them back again. It's not clear whether this will apply to Hulett.

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AUTHORPaul Clarke

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