Jefferies keeps raiding one rival bank for its top traders

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Jefferies has recruited a top UBS executive to run equity trading in Europe, continuing a long run of hires the US investment bank has made from its Swiss rival.

The bank has hired Martin Coughlan to the role, according to people familiar with the matter.

He was previously responsible for cash-block risk in the investor-client services division at UBS, according to a Reuters report in May.

Jefferies and UBS declined to comment. Coughlan could not be reached for comment.

Coughlan joins a number of former colleagues at Jefferies. Ed Keen, the head of European equities at the investment bank, joined this summer from UBS.

Peter Forlenza, the global head of equities at Jefferies, joined from UBS in 2013. Matt Foulds, the global head of equity sales at Jefferies, joined from UBS in 2014 meanwhile.

Forlenza and Coughlan have now worked together at four different institutions: Citigroup, MF Global, UBS, and now Jefferies.

Jefferies reported equities revenues of $431.7 million for the six months to May 31, up from $366.1 million from the same period a year earlier, an increase of 18%.

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