Jefferies & Co. has hired David Murphy as managing director for corporate bond sales in its investment-grade sales and trading group.
The addition of Murphy, who comes from Morgan Stanley, is part of the firm’s continued efforts to expand its fixed-income division.
Murphy is based in New York and reports to Tom Thees, head of investment-grade corporate bond sales and trading. His main responsibilities include client coverage and service as part of Jefferies’ investment-grade sales force.
“[Murphy’s] addition is part of the ongoing enhancement of our investment-grade effort and demonstrates Jefferies’ commitment to providing our institutional clients with best-in-class fixed-income product, strategy, and trading,” Thees said in a statement.
Murphy is one of several new hires in the fixed-income division this year. Jefferies most recently brought in Paul Kopsky as managing director in the military housing mortgage business within fixed income.
Danford Peterson also joined Jefferies in April as managing director in municipal securities trading.
Earlier this year, Jefferies expanded its fixed-income division even more, hiring Alix Bernard as managing director in European credit sales and Dirk Schlochtermeyer as head of European insurance services.
A spokeswoman for Jefferies declined to comment on how many more hires are expected this year.
At Morgan Stanley, Murphy most recently was executive director in fixed-income sales and trading. Before that, he worked in fixed-income sales at Dillon Read & Co. and Wertheim Schroeder, and traded municipal bonds at Citi.
A spokeswoman for Morgan Stanley did not immediately return calls seeking comment on Murphy’s replacement.
Based in New York, Jefferies & Co. has a global fixed-income business that employs 525 professionals focused on sales and trading.