Three investment bankers left Jefferies on Friday, including Richard Yang, a managing director and co-head of Asia healthcare & consumer, Dai Qiang, who was also a managing director covering telecommunications, media and technology and senior vice president Terry Zhi, according to a source familiar with the matter.
Before joining Jefferies in 2012, Yang was head of consumer and retail investment banking at ICBC International. Before that, he spent three years as an investment partner at private equity firm IDG Capital where he focused on sourcing and executing investments primarily in the consumer, retail and healthcare sectors. He has also worked three years in investment banking at Credit Suisse and five years as a securities lawyer with Sherman & Sterling.
Dai Qiang, an ex-UBS banker, was a managing director in Jefferies investment banking division. Zhi previously worked at The Royal Bank of Scotland and joined Jefferies as a China coverage banker.
The US investment bank expanded rapidly in Asia between 2011 and 2012, hiring bankers as rivals pared down their operations.
In 2011, the firm hired Ren Wang, previously the head of financial institutions group Asia at UBS, to be its Asia president. Shortly after that in 2012, Jefferies hired Sherry Liu, the former chairman and CEO for China at The Royal Bank of Scotland, to be its chairman of Asia and vice-chairman of global investment banking.
The three bankers could not be reached for comment. A Jefferies spokesman declined to comment.
(With additional reporting by Alison Tudor-Ackroyd)