Jefferies Group’s preliminary financial results for its fiscal third quarter 2014 ended August 31 have shown total net revenues of $835m, including record investment banking net revenues of $461m.
Jefferies also reported net revenues of $163m in its equities division, which houses the equity derivatives unit being built by Frank Copplestone, global head of structured products, reporting to Peter Forlenza, global head of equities at Jefferies in New York.
Copplestone, the former global head of retail structured products at Morgan Stanley, joined Jefferies on a permanent basis in March this year after spending several months consulting for the firm, looking at the opportunities for the investment banking firm in the equity derivatives space.
According to the firm’s preliminary results for the nine months to August 31, there were record total net revenues of $2.4bn and pre-tax earnings of $414m. Investment banking net revenues stood at $1.2bn, with the equities division contributing $529m of net revenues and the fixed income division delivering net revenues of $711m. Total sales and trading stood at $1.2bn.
“These record preliminary investment banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business and solid participation across our industry groups and geographies,” said Richard B. Handler, chairman and chief executive officer, and Brian P. Friedman, chairman of the executive committee. “We continue to expand our client reach and believe we are gaining market share across the board as we leverage our unique position as the largest non-bank, full-service global investment banking firm based in the US.”
In addition to building its structured products business, Jefferies has also been beefing up its equities team in the US this year with the recruitment of Matt Foulds, formerly head of America equity distribution at UBS, and Bill Bell, who was previously head of electronic distribution at Barclays.
Robert Sowinski, former director of US third-party sales, Citi Private Client Solutions at Citi in New York, also joined the firm in June as managing director, reporting to Jeff Barany, the head of fixed income at Jefferies who was co-head of global structuring at Morgan Stanley until March last year.
Jefferies will release final results for its Q3 2014 on September 16.
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