Bloomberg News

Hoare Govett Will Boost Jefferies’s U.K. Business, Lester Says

February 02, 2012

Feb. 2 (Bloomberg) -- Dominic Lester, joint head of European investment banking at New York-based securities firm Jefferies Group Inc., said the acquisition of Hoare Govett from Royal Bank of Scotland Group Plc will help the firm increase its market share in U.K. equities.

“In the U.K. you need a corporate broking platform to be relevant, particularly in equity capital markets,” Lester said in a telephone interview yesterday. “We grew the business organically, but given the opportunity to take 50-plus clients and an established brand in one fell swoop was appealing.”

Jefferies, which focuses on the mid market, bought the business for a “nominal sum,” RBS said in a statement yesterday. About 50 employees will join Jefferies’s London office, including all of Hoare Govett’s corporate broking team.

“The businesses are complementary and we surgically structured the deal in a manner that provides maximum upside and minimum downside,” Lester said.

--Editors: Steve Bailey, Keith Campbell

To contact the reporter on this story: Liam Vaughan in London at lvaughan6@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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