Jefferies (JEF) Strengthens Canada Presence, Sets Up IB Unit
In order to meet the growing needs of corporate, institutional and government clients across Canada, Jefferies Financial Group Inc. JEF established an investment banking (IB) and capital market unit in the country. This is part of the company’s plan to pursue international expansion.
The expansion will offer Jefferies’ clients with wide range of expertise on advisory, M&A advisory, equity and debt capital markets, risk solutions, equity research, and sales and trading across all sectors in Canada.
As part of the effort, more than 40 candidates will be joining across IB, equity research, and sales and trading units.
In addition to its recent expansion initiatives in France, Spain, Australia, Brazil and the Middle East, JEF currently operates through 44 offices in more than 20 countries. Earlier this year, the company announced a major expansion with Japan's Sumitomo Mitsui Banking Corp, which broadened the scope of cooperation between the two firms in M&A advisory services and within their respective equity and debt capital markets businesses.
The Canadian IB unit will be headed by Bruce Rothney as CEO, John Manley as chairman, Ron Lloyd as deputy chairman, Trond Lossius as deputy chairman and head of M&A and Erik Charbonneau as head of Investment Banking.
Rich Handler, CEO, and Brian Friedman, president, of JEF, noted, "In partnership with Jefferies' existing global platform, our team in Canada will deliver our full suite of advisory and capital markets capabilities. We are fortunate to have a leadership team that brings such a deep and distinguished track record in the Canadian market, and we anticipate continuing to expand our capabilities and talent in the region to ensure we can best serve our clients."
Bruce Rothney, CEO of Jefferies Canada, stated, "Jefferies’ culture has always been and continues to be that of a pure Wall Street partnership solely focused on providing the best advice to clients. Its proven long-term leadership, investment in talent and exceptional work for clients has positioned Jefferies as one of the few leading global investment banking firms. Canada is emerging as one of the largest and fastest growing economies and its standout sectors – technology, healthcare, financial services, energy and power, telecom and media, and consumer – align perfectly with Jefferies."
Over the past six months, shares of Jefferies have gained 17% compared with the industry’s rise of 3.3%.
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Currently, Jefferies carries a Zacks Rank #3 (Hold).
Finance Stocks to Consider
A couple of better-ranked stocks from the finance space are Blue Owl Capital Corporation OBDC and Globe Life GL.
OBDC’s earnings estimates for 2023 have been revised 2.1% upward over the past 30 days. In the past six months, Blue Owl’s shares have gained 9.3%. Currently, it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for GL have been revised marginally upward for 2023 in the past 30 days. Shares of Globe Life have risen 16.7% in the past six months. The company currently carries a Zacks Rank #2 (Buy).
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Jefferies Financial Group Inc. (JEF) : Free Stock Analysis Report
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