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 banking group.
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 individuals.
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 million.
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.