Jefferies Financial Group has enticed two experienced infrastructure bankers from RBC Capital Markets in Sydney.
Sources close to RBC confirmed head of M&A for Asia-Pacific, Tim Foy – who also led the investment bank’s infrastructure practice – and Vice President, Shyamal Chand, resigned on Monday (18 February) evening.
It is understood the pair are now on gardening leave – Chand for one month and Foy for three months – before they take up new roles at Jefferies (Australia), headed by Michael Stock, the former head of Credit Suisse’s investment bank in Australia.
Foy has worked at RBC Capital Markets for almost 13 years. He has advised on numerous large infrastructure deals, including the two successful bids for the NSW and Victorian land titles office concessions, and a long and complex refinancing and recapitalisation of the Reliance Rail PPP in Sydney. He advised a Hastings-led consortium that won the 50-year lease of TransGrid in NSW.
Chand joined in 2015 as an associate from the former Hastings Funds Management.
Sources say RBC will consider replacements for Foy and Chand from internal as well as external candidates.
In the meantime, Kay Stuart as well as the head of the investment bank, Sean Miller, will be heading the M&A and infrastructure teams.
Stuart was promoted to managing director just before Christmas.
Spokespeople for Jefferies and RBC declined to comment.