Jefferies & Co. Inc., the principal operating subsidiary of Jefferies Group Inc., has expanded its fixed-income business in mortgage-backed securities (MBS). The firm expects 10 senior professionals to join its existing mortgage trading effort over the next several weeks.
The enlarged team of mortgage specialists will focus on the trading, origination and sales of MBS. This group will be led by managing directors William H. Jennings II, who is expected to join the firm in June, and Johan Eveland, who joins immediately. The two specialists have a combined 35 years of experience in the sales and trading of fixed-income securities.
Also joining the mortgage trading effort will be an additional four managing directors focused on mortgage sales and four managing directors specializing in non-agency adjustable-rate mortgage-, credit-, derivatives-, and non-fixed rate trading.
‘With the severe dislocation in the mortgage market and the reduced presence of key industry players, we believe a mortgage trading platform built on knowledge and relationships can be a very successful addition to our fixed-income presence,’ notes Tim Cronin, head of the fixed-income division at Jefferies.