NEW YORK Nov 15 Jefferies & Co is
bolstering its small retail brokerage unit by hiring Carey
Timbrell, a managing director with Credit Suisse's U.S. private
Timbrell, who was at Credit Suisse for nine years
and ran its San Francisco private banking office, is charged
with expanding Jefferies' business in the Midwest and western
U.S., said a person familiar with the hire who was not
authorized to discuss the move.
Timbrell and Jefferies Wealth Management head Mark Peters
worked together early in their careers at Goldman Sachs Group
. Neither returned calls for comment.
Credit Suisse has named Michael Nies to replace Timbrell in
San Francisco, said a person who answered Timbrell's Credit
Suisse phone. A Credit Suisse spokeswoman declined to comment.
Jefferies, which has about 40 advisers in five U.S. offices,
has stepped up its hunt for potential hires who have produced
several million dollars of revenue a year. It focuses on selling
investment, asset management and investment banking services to
families of its investment banking clients and other wealthy
Credit Suisse has been a major source of its hiring.
In May, Jefferies lured the New York City team of Bob
Constant and Jeryl Paris from the Swiss-owned bank, where they
had worked for 12 years. Like Timbrell, they had been with
Donaldson, Lufkin & Jenrette when it was purchased by Credit
Suisse in 2000.
Jefferies also attracted at least one Credit Suisse adviser
to its Atlanta office this year, sources said. Frank Scheuer,
who joined Jefferies several years ago as chief operating
officer of wealth management, also is a DLJ veteran.
"We see a terrific opportunity to grow Jefferies' wealth
management business given the reduction in the number of full
service Wall Street firms serving this market,'' Richard B.
Handler, chairman and chief executive of the firm, said when it
hired Peters to run the business in 2009.
Jefferies earlier this week said it will sell itself to
Leucadia National Corp, its biggest shareholder, to
bolster its balance sheet and support its major businesses of
trading securities for institutional investors and selling
investment banking services to corporate clients.
The company does not break out its wealth management
results, which are incorporated within its asset management
sector. Asset management revenues in its most recent quarter
were flat at $3.1 million compared with a 45 percent jump in
capital markets revenue to $735.8 million. For the first nine
months, asset management revenue fell 72 percent to $10.6
Jefferies' commission revenue, which includes wealth
management fees, fell 11.2 percent to $385.5 million in the
first nine months of its fiscal year ending Aug. 31. They were
off 23 percent in the company's third quarter.