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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...