Jefferies Taps BofAML's Ooten For Financial Sponsors Unit

Jun 17 2016 | 6:12pm ET

Jefferies Group is ramping up its financial sponsor division as the specialist investment bank makes inroads into the lucrative business of providing for the financing needs of private equity firms. 

The company, which is owned by conglomerate Leucadia, has former hired Bank of America Merrill Lynch managing director Christopher Ooten aboard to replace Theodore Tutun, according to a Bloomberg article citing unidentified individuals familiar with the moves. Tutun will leave the company, the sources said. 

The step comes following the departure of Adam Sokoloff, who was global head of sponsors for Jefferies, in March as Jefferies merged its junk-rated loans and business into a joint venture with MassMutual Finance Group. Sokoloff was replaced by U.S. sponsors co-head Jeffery Greenip.

Jefferies is reportedly in discussions with other sponsor specialists at other large banks, noted Bloomberg, but they have not yet resulted in any additional hires. 

Jefferies has gained market share in recent years as increased regulation and heightened risk capital requirements have diminished some types of corporate lending at more traditional banks. The company climbed to 11th place in leveraged loans last year, from 35th in 2008.

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