Jefferies & Co. plans to build its Treasury and agency business with new sales hires and possible additions to its trading desk by year-end. The dealer is ramping up its desks now to complement existing equity, high-yield and convertible lines, according to Tom di Galoma, managing director and head of U.S. Treasury sales and trading.
The firm is looking to hire up to a dozen Treasury salesmen and may add up to two traders. The new hires may be spread throughout Jefferies' regional offices, including Chicago, San Francisco and Los Angeles.
The buildout will better position Jefferies against primary dealers who have shifted much of their government sales coverage to derivatives, di Galoma said. He noted Jefferies does not plan to apply for a primary dealership accreditation.