NEW YORK and LONDON, July 1, 2011 – Jefferies announced today the successful completion of its previously announced acquisition of Prudential Bache from Prudential Financial. The businesses acquired include leading brokerage and clearing services in listed derivatives on all major futures and options exchanges around the world, as well as over-the-counter trading in foreign exchange, base and precious metals, and energy and agricultural swap transactions.
“We are very pleased to complete this acquisition, which will enable Jefferies to accelerate our growth in futures and significantly expand our presence in commodities,” said Richard Handler and Brian Friedman, CEO and Chairman of the Executive Committee of Jefferies, respectively. “The Bache platform aligns well with our strategy for listed derivatives and complements Jefferies’ extensive and deep relationships in the global investment community.”
The primary companies acquired include Prudential Bache Commodities LLC and Prudential Bache Securities LLC in the U.S., Bache Commodities Limited in the U.K. and Bache Commodities (Hong Kong) Ltd. in Hong Kong. These businesses will operate globally as Jefferies Bache, and will have over 400 employees in New York, Chicago, London, Hong Kong and Hamburg. As announced, Patrice Blanc, previously CEO of Newedge Group who joined Jefferies in October 2010 to start the futures business, will serve as Chairman and CEO of Jefferies Bache, and Alex Ladouceur, formerly President of Prudential Bache Commodities, will serve as President of Jefferies Bache.
Jefferies Group, Inc. (NYSE: JEF), a global securities and investment banking firm, has served companies and investors for nearly 50 years.
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