The Hong Kong branch of Jefferies has taken on senior equity sales-trader Maya Frommer from Goldman Sachs. The hire, which comes just three months after Jefferies recruited two Hong Kong-based JP Morgan bankers, reaffirms the US boutique’s ability to poach from larger players in Asia.
Frommer joined Jefferies earlier this month as a managing director and head of platform sales, according to her public profile. Bulge-bracket-to-boutique moves at MD level are not unusual as the smaller firm typically needs to offer its new hires enticing senior responsibilities. Recruiting bankers in January can also help banks like Jefferies to pick up talent before the more competitive post-bonus season for recruitment kicks in.
Frommer was previously a Goldman lifer, having been with the firm since graduating from Harvard in 2007. She initially worked as a Japan equity sales-trader in Tokyo, before relocating to Hong Kong in 2012 as a pan-Asia equity sales-trader, whose remit included onshore China.
Jefferies has been recruiting from large US banks in Hong Kong of late. In October, it hired JP Morgan’s co-head of APAC healthcare Jun Wu to run its healthcare coverage in Asia and it also took on Alex Yuen, an executive director from JP Morgan’s equity capital markets team, according to Bloomberg.
If you’re thinking of leaving Goldman for Jefferies in Hong Kong, you probably won’t need to change your daily commute. Jefferies’ office is in the Cheung Kong Center, the 68-story skyscraper in which Goldman houses many of its local front-office staff.
But just as Jefferies is taking talent from the bulge bracket, so too is it losing people to the corporate sector in Asia. The bank’s previous Asia healthcare head, Jielun Zhu, left in mid-2018 to become chief financial officer at I-Mab Biopharma. Eugene Huang, a former Jefferies research analyst, is also now a CFO at a Chinese biotech company – he’s working for Suzhou Kintor Pharmaceuticals. Meanwhile, last July, former Jefferies Asia CEO Michael Alexander moved to Block.one, the blockchain software publisher, to lead its $1bn EOS VC venture capital arm.
Have a confidential story, tip, or comment you’d like to share? Contact: email@example.com
Image credit: greenleaf123, Getty