Jefferies European securitisation co-head exits

Jefferies office sign

Hulett was among several key hires to the Jefferies ABS/MBS team in 2009

Steven Hulett, who was co-head of European MBS/ABS, has left the bank, according to a filing with the UK’s Financial Services Register and people familiar with the situation. His departure means that of the eight “strategic hires” announced in August 2009, half have since left.

Hulett, a former Lehman Brothers banker who was later the co-head of RBS’s structured product and solutions credit group, arrived at Jefferies at the same time as co-head Craig Tipping, another ex-Lehman banker who had worked at Nomura as head of ABS trading.

Tipping is still working at Jefferies, according to regulatory filings and people familiar with the matter.

Hulett and Tipping were hired alongside six other securitisation specialists. Marc Allison, who had worked with Hulett at RBS, joined as a senior vice president for MBS and ABS sales. He is still at Jefferies, according to regulatory filings, as is Marion Ceccoli, who according to her Linkedin profile, is now a managing director.

Hitoshi Masumizu, who joined Jefferies as Tokyo-based head of MBS and ABS for Asia, is still at the bank.

Dennis Hollands, another ex-RBS banker who arrived at Jefferies as a senior vice president, left in 2013, according to the Financial Services Register. Jason O’Brien, also a former RBS banker, left Jefferies in 2011 for Credit Suisse, where he is a director in the asset finance team. Edward Tunstall, who came to Jefferies as a senior vice president, now works in structured credit sales at StormHarbour.

Jefferies declined to comment.

Global ABS issuance fell 5% year-on-year to $ 305.1 billion in 2015, according to Dealogic, while MBS issuance was down 12% at $ 381.8 billion. Attempts by policy makers to kick-start the ABS market in Europe have done little, with bankers hoping fresh sources of deals such as P2P lenders might encourage more activity.

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