Jefferies Financial Group Inc. is winding down its outsourced fixed-income trading desk, stepping back from a business the firm sought to expand just a year ago.
Joram Siegel, Jefferies' head of fixed-income outsourced trading, is leaving the firm, according to people familiar with the matter who asked not to be identified citing private information. He joined in early 2024 after leading a similar operation at Marex, according to his LinkedIn profile.
A spokesperson for Jefferies declined to comment. Siegel didn't respond to a message seeking comment.
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Last year, Jefferies had been hiring new traders for the business that offers fixed-income trading for resource-strapped asset managers. The firm's retreat is a sign of the challenges of expanding the outsourced trading business to new areas.
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At least 15% of equity buy-side traders are tapping outsourced-trading providers to supplement their own internal operations, up from 10% two years ago, according to a survey by financial analytics firm Crisil Coalition Greenwich.
According to Crisil Coalition, there are at least 30 firms offering the services. They range from bigger firms that also offer a range of other services such as Bank of New York Mellon Corp., to independent specialists such as Tourmaline Partners.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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