despite its small size relative to both the broader wealth industry and its parent firm, private wealth management at jefferies group is flourishing, according to the former morgan stanley executive who runs the 44-advisor business. parent firm jefferies group reported $5.2 billion in annual revenue in 2020. peyreigne, who spent the first half of his career at kidder, peabody and successor firm ubs financial before joining merrill and then morgan stanley, flaunted the statistics on the eve of announcing a new addition to jefferies’ small force. solo practitioner arturo padilla, a $2.5 million-producer who had spent his 12-year career with hsbc private bank in miami, joined jefferies on friday. market growth and growing “wallet share” from clients moving assets from other firms to take advantage of jefferies’ trading and middle-market investment banking mandates have been responsible for much of his unit’s revenue growth, he said.
“i’m not in a position to compete with the ridiculous 350% deals on the table from some competitors,” peyreigne said. he did not disclose jefferies’ deal and payout parameters, but said that padilla’s hire indicates that the firm is positioning itself to compete for brokers with overseas clients. jefferies attracted an international team from wells more than three years ago and a $12 million team of morgan stanley exiles in 2019, but more recently suffered departures. eric k. osserman, a 26-year industry veteran who like several jefferies brokers worked early in their careers at donaldson, lufkin & jenrette securities and credit suisse—and who joined jefferies in 2009 from deutsche bank—retired in february. independent broker-dealer insigneo on wednesday hired alain guerra and edward varona, a wells team in miami that managed $345 million for clients in colombia, argentina, ecuador, venezuela and the u.s., the firm said earlier this week.
we offer deep sector expertise across a full range of products and services in investment banking, equities, fixed income, asset and wealth management in the americas, europe and the middle east and asia. jefferies wealth management international provides a full suite of world-class open architecture financial services to high-net-worth individuals and their families, as well as institutions and family offices. focusing on long-term preservation and growth of capital, jefferies wealth management international professionals seek to provide the critical thinking and acumen needed to address the full range of significant financial events impacting our clients. as our private wealth clients have broad-based needs, wealth management works closely with and touches virtually all parts of jefferies.
at jefferies, we believe that diversity fosters creativity, innovation and thought leadership through the infusion of new ideas and perspectives. we have made a commitment to building a culture that provides opportunities for all employees regardless of our differences, and supporting a workforce that is reflective of the communities where we work and live. jefferies is an equal employment opportunity workplace. we are committed to hiring the most qualified applicants and complying with all federal, state, and local equal employment opportunity laws. it is jefferies’ policy that all employees and visitors be fully vaccinated against covid-19 in order to enter any jefferies office or participate in any jefferies or client event in person.
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