Jefferies Hires CF Global’s Rimmer, Dalton for Russia
(Corrects story that moved March 5 to remove reference to Dalton at CF Global in first and third paragraphs.)
Jefferies Group LLC, the investment bank that sold itself to Leucadia National Corp. (LUK), is hiring Julian Rimmer and Steven Dalton as traders to start coverage of Russia, Turkey, emerging Europe and South Africa.
“This may be a good time to put capital to work in these markets,” Rimmer said by phone yesterday. “Jefferies has had no dedicated emerging Europe team, and there is an element of counter-cyclicality with others pulling out of the region.”
Rimmer, who left CF Global Trading U.K. Ltd. in February, and Dalton are being hired as London-based traders. Rimmer, who starts on May 1, said the team will be expanded and there may eventually be a link with a Russian broker.
Jefferies, based in New York, lured Ildar Iksanov from Deutsche Bank AG in June to start a Russian investment-banking operation as European competitors were retreating. UniCredit SpA (UCG), Italy’s largest lender, and ING Groep NV (INGA), the biggest Dutch financial-services company, have shut their equities units in Moscow. Credit Suisse Group AG (CSGN), Switzerland’s second-largest bank, moved part of its Russian capital-markets and advisory businesses to London from Moscow.
Rimmer, who spent five years at CF Global, previously worked for Russian brokerage UralSib Financial Corp. in Moscow and London and for ING. Rimmer is known for his autobiographical “Samizdat” e-mails, detailing his personal opinions, which are circulated on Bloomberg and sent to 240 clients and contacts.
“We have a fresh canvas so we won’t have any baggage or any overhead,” Rimmer said. “Initially, we will just cover the blue-chips and where the value is in Russia, Turkey, emerging Europe and South Africa.”
Russia’s troop buildup in Crimea triggered the biggest stock selloff in more than five years on March 3. The country’s benchmark Micex Index (INDEXCF) has fallen 10 percent this year compared with a 4 percent loss for the MSCI Emerging Markets Index.
Turkey’s Borsa Istanbul 100 Index (XU100), which has lost 6.4 percent this year, suffered its biggest fall in two months on Feb. 25 after opposition leaders said Prime Minister Recep Tayyip Erdogan should resign over a leaked tape in which he allegedly discussed hidden funds. Erdogan denied the claim.
Leucadia, based in New York, acquired Jefferies in March 2013. Sara-Louise Boyes, a London spokeswoman for Jefferies, declined to comment on the hires.
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