Fast-moving U.S. firm hires star banker for Asia

Jefferies & Co has hired Sherry Liu, the former China chairman and chief executive of Britain's Royal Bank of Scotland (RBS), to help expand its investment banking business in Asia.

Liu, who resigned in August from loss-making RBS, which was rescued by British taxpayers in the 2008 global financial crisis, will join the New York-based firm soon in a senior role in its investment banking business, three people in the industry familiar with the matter said.

They declined to be identified before an official announcement is made.

Earlier this year, RBS, controlled by the British government, sold its equity capital market-related investment banking business in the Asia-Pacific to Malaysia's CIMB.

Hundreds of jobs have been cut at several international investment banks in Hong Kong this year due partly to weak equity markets.

Bucking the trend, the high-profile hiring of Liu indicates Jefferies' ambition to expand its business outside the United States, in particular in Asia, despite tougher competition and a shortage of deals.

Late last year, the firm aggressively grabbed several well-known investment bankers, including Ren Wang from UBS. Wang is Asia president of Jefferies, based in Hong Kong.