Jefferies dealmaker Dominic Lester departs for Continuum

• Dominic Lester, Jefferies' head of Emea investment banking, is departing for Continuum.
• Sovereign Wealth, a £3bn advice firm, is leaving Jefferies.
• Jefferies has hired 50 managing directors in the past five years.
• Jefferies aims to become a top five investment bank in Emea.
• Rivals are concerned about Jefferies' recruitment and compensation strategies.

Jefferies' head of Emea investment banking, Dominic Lester, is set to depart the firm for a boutique advisory firm named Continuum. This move comes as Jefferies faces retention challenges, highlighted by Sovereign Wealth, a £3bn advice firm, leaving its platform. Rivals have expressed concern over Jefferies' aggressive recruitment strategies and reportedly high pay packages, which have seen the bank hire 50 managing directors over the past five years.

Lester indicated that Jefferies' significant hiring spree is now largely concluded, with the focus shifting to maximizing results from the existing team. The bank harbors an ambitious goal of breaking into the top five investment banks in the Emea region, challenging established players. Despite investor pushback against excessive executive payouts at major banks, Jefferies' entrepreneurial culture is seen as a draw for dealmakers seeking an alternative to large-bank bureaucracy.

Separately, Chris Cummings, former head of the Investment Association, has joined Vanguard's UK board.