Jefferies launches new technology group, six bankers start work

By Liana B. Baker

SAN FRANCISCO (Reuters) – Jefferies Group LLC has officially launched its expanded technology investment banking practice, with six new managing directors starting their new roles in San Francisco, according to a memo the bank sent out to clients this week.

Jefferies, a unit of Leucadia National Corp , hired five bankers in May from Credit Suisse Group AG , Reuters previously reported. The bankers are Bill Brady, Cully Davis, Cameron Lester, John Metz and Steve West.

Jefferies is also adding a sixth banker, Storm Duncan, who worked at Credit Suisse until 2011, most recently as a managing director and global head of technology M&A investment banking, according to the memo. Since leaving Credit Suisse, Duncan has been involved with tech startups. He will become global co-head of technology M&A investment banking.

Jefferies said in the memo that its approach in technology banking combines boutique M&A advice along with a global full-service platform that includes equity research, a bond franchise and leveraged finance. With the new hires, the bank now has 20 senior managing directors in its technology group and a total of 70 technology bankers worldwide.

Jefferies was sued last month over some of the hires. Credit Suisse accused the five bankers, who left for Jefferies in May, of stealing confidential information and conspiring to attract former colleagues to join them. The bankers deny the allegations. Both banks declined to comment on the lawsuit.

Late last year, Jefferies lost four technology bankers to UBS Group AG, including three managing directors.

Some deals Jefferies advised on this year in technology include Avast Software’s $1.3 billion acquisition of AVG Technologies NV and inContact Inc’s $940 million sale to Israel’s NICE Systems in May.

Jefferies was ranked 17th this year in the U.S. technology M&A advisory league tables and 20th for worldwide technology M&A, according to Thomson Reuters data.

(Reporting by Liana B. Baker in San Francisco; Editing by Steve Orlofsky and Diane Craft)