Jefferies Group Inc. (JEF) is starting a Canadian investment-banking business amid a jump in deals and has hired Credit Suisse Group AG (CSGN) banker Steven Latimer to lead it, according to a person with knowledge of the move.
Latimer, based in Toronto, also will oversee the New York- based firm’s natural resources and mining business in the nation, said the person, who declined to be identified because the move isn’t public. He previously was a director leading metals and mining investment banking in Canada at Zurich-based Credit Suisse, the person said. Latimer will report to Benjamin Lorello, global head of investment banking and capital markets.
Jefferies is expanding into Canada after announced deals so far this year increased 24 percent to almost $60 billion, led by resource and energy industries, according to data compiled by Bloomberg. Chief Executive Officer Richard Handler, 50, has recruited bankers and traders as rivals retrenched after the 2008 credit crisis.
Richard Khaleel, a spokesman for Jefferies, and Jack Grone at Credit Suisse said they couldn’t comment.
The Bank of Canada said last week the economy will expand 2.4 percent this year, up from a January projection of 2 percent, as companies become more confident in U.S. growth and as risks from Europe’s sovereign-debt crisis abate.
Jefferies has offices in 18 U.S. cities and about a dozen others abroad, including Frankfurt, Paris and Hong Kong, according to the company’s website. The firm received 14 percent of its fiscal first-quarter net revenue of $780 million from Europe and 1.5 percent from Asia, with the rest coming from the Americas, according to a regulatory filing.
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