The American banker, who is a naturalised Briton and received an OBE for services to British banking, won plaudits for running UK Financial Investments, the body set up after the financial crisis to manage the government’s banking stakes.
Despite posting record net revenue for the quarter, Jefferies’ trading revenue fell a 7 percent, hurt by lower volatility during much of the quarter.
He joins Baird’s Nashville, Tennessee office, and previously worked with Wells Fargo, per BrokerCheck.
The move comes as large, traditional retailers, facing slow growth and shrinking market share, ramp up their digital investments.
The transaction is expected to value Rothesay at about $GBP2 billion, although that figure is not expected to be disclosed, according to a source close to one of the shareholders.