More equities operatives from Goldman Sachs are heading for the door, potentially to Jefferies, with Australia and New Zealand head of sales Will Allott and head of hedge fund sales Aaron Piercy both resigning on Tuesday.
Mr Allott, who joined the bank in 2017 after working at CBA, resigned on Tuesday, as did Mr Piercy, who joined as an executive director from Bank of America in 2019.
Nicholas Thomson, based in Melbourne, also resigned this week as an institutional equities operative to join Jefferies Australia.
He also previously worked at CBA.
Only last week, the Goldman Sachs head of equities for Australia and New Zealand, Mario Argyrides, resigned from the Wall Street bank to join Jefferies Australia.
Mr Argyrides worked for Goldman Sachs since September 2017, joining from Macquarie Group.
It follows the departure of Mike Johnson as head of equity sales and Andrew Norman as head of equities from Jefferies Australia in recent weeks.
Sources around the market now question whether the Jefferies raid could spark a fresh merry-go-round of bankers after Jarden and Barrenjoey’s launch in 2020 saw numerous movements among top deal makers, analysts and ECM operatives.
The Australian reported that the equities and research business of Jefferies Australia began after the firm conducted a bold raid of CLSA’s local operations, poaching about 25 employees.
Since setting up here, Jefferies now accounts for about 2 per cent of trading across the ASX and Chi-X Australia, given the firm doesn’t participate in high-frequency and other lower margin trading activities.
On another measure, it has about 6.5 per cent of total fund manager wallet.
Accounts lodged with the corporate regulator showed Jefferies Australia generated $102.9m in revenue on a consolidated basis, and net profit of $7.8m for the 12 months ended November 30.
That compared to $127.5m revenue and a $36m profit in the prior corresponding period.
The firm has continued to expand, however, and after setting up an office in Melbourne last year now has about 10 people stationed there.
Across its Australian offices, Jefferies employs about 130 people.
The firm’s local advisory business has mandates including advising private equity giant KKR in its quest to buy Perpetual’s corporate trust and wealth management units.
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