Bloomberg News

Jefferies Said to Hire High-Yield Trader Zucker From Barclays

June 13, 2013

Jefferies Said to Hire High-Yield Trader Zucker From Barclays

Jefferies is building its share of the U.S. speculative-grade underwriting market as the biggest banks seek to meet new risk-curbing regulations by reducing staff and paring holdings of corporate debt. Source: Jefferies Group via Bloomberg

Jefferies Group LLC is hiring high-yield bond (BUHY:US) trader Brian Zucker from Barclays Plc (BARC) as the investment bank acquired by Leucadia National Corp. (LUK:US) seeks to bolster its credit unit.

Zucker left the New York office of Britain’s second-biggest bank earlier this month, said three people familiar with the move who asked not to be identified because it hasn’t been announced. Richard Khaleel, a Jefferies spokesman, Brandon Ashcraft of Barclays and Zucker, reached on his mobile phone, declined to comment.

Jefferies is building its share of the U.S. speculative-grade underwriting market as the biggest banks seek to meet new risk-curbing regulations by reducing staff and paring holdings of corporate debt. With junk-bond issuance at a record pace this year, the New York-based firm has risen to 11th place from 13th in 2012, according to data compiled by Bloomberg.

The Bank of America Merrill Lynch U.S. High Yield Index has lost 1.95 percent since the end of April as concern mounts that the Federal Reserve will curb stimulus that has bolstered demand for riskier assets. The debt, ranked below Baa3 by Moody’s Investors Service and lower than BBB- at Standard & Poor’s, had returned 129 percent from the end of 2008 through April 30.

Before joining Barclays in 2009, Zucker worked at Deutsche Bank AG (DBK) and Goldman Sachs Group Inc., according to records maintained by the Financial Industry Regulatory Authority. Jefferies hired former Deutsche Bank credit salesman Michael Curry in April as a managing director, people said at the time.

To contact the reporter on this story: Lisa Abramowicz in New York at labramowicz@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • LUK
    (Leucadia National Corp)
    • $25.47 USD
    • -0.06
    • -0.24%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus