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Jefferies Starts European High-Yield Effort

Jefferies International is planning to build a five-person European high-yield and distressed debt team based in London.

Jefferies International is planning to build a five-person European high-yield and distressed debt team based in London. The hires will report to David Lofts, who joined from Bank of America earlier this month to head up high-yield sales and trading, a new position. Lofts said the new sales and trading roles will be filled with three staffers from the firm's existing resources, such as from the convertible bond team, which previously handled its European high-yield business. The remaining two hires will come from outside the firm.

For his part, Lofts reports to Clifford Siegel, managing director and ceo of Jefferies International, and James Graham, director of international equity-linked trading. At BofA, he had been a managing director and head of European institutional credit sales, reporting to Brian Heyworth, head of European sales. BoA does not have any immediate plans to replace Lofts, according to Elizabeth Wood, spokeswoman.

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