Hedge Funds

Ex-Paloma team spearheads new Jefferies thrust


Jefferies Asset Management, the investment affiliate of the U.S. broker-dealer Jefferies & Co., has been quietly developing its alternative asset management platform - which has become one of the major strategic aims of the firm.

Last year, Jefferies brought in Tom Witz to become chief investment officer for the firm's asset management unit. A seasoned hedge fund veteran, Witz had spent many years as managing director and director of trading and investments at Paloma Partners.

Jefferies has since developed a set of at least six strategies on the hedge fund platform, which runs combined assets of roughly $500 million.