October 27, 2009 / 4:34 PM / 10 years ago

Jefferies promotes Lorello to global head of IB

PHILADELPHIA, Oct 27 (Reuters) - Jefferies Group Inc (JEF.N) on Tuesday promoted Benjamin Lorello to global head of investment banking and capital markets, less than four months after he joined the firm.

Lorello, who brought a team of health-care bankers to Jefferies from UBS AG UBSN.VX (UBS.N), previously served as Jefferies’ chairman of investment banking.

In his new role, Lorello will be responsible for the management of the firm’s global investment banking and capital markets operations, Jefferies said.

“Since joining our firm as Chairman of Investment Banking in July, Ben has already made a significant contribution to our business, bringing best practices as well as important clients to Jefferies,” commented Richard Handler, chairman and chief executive officer of Jefferies.

“We look forward to Ben making an even greater contribution in this new role, accelerating our growth and market share in investment banking and capital markets.”

The move to Jefferies by Lorello and three dozen UBS employees, including the bulk of its healthcare investment banking team, prompted a lawsuit by UBS. In July, UBS said that the dispute had been “amicably resolved” and the lawsuit and arbitration had been withdrawn.

The mass exit by the healthcare team had been part of a series of hits taken by UBS, which had suffered during the financial crisis and had to cut bonuses.

Lorello was not immediately available to comment. (Reporting by Jessica Hall; editing by Gunna Dickson) (For more M&A news and our DealZone blog, go to here)

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