(Bloomberg) — Jefferies Financial Group Inc. is reducing its foreign exchange prime brokerage business and two of the unit’s top executives are departing to join the cryptocurrencies industry.
Brandon Mulvihill, who led the foreign exchange prime brokerage business globally, and Anthony Mazzarese, who oversaw distribution for the division, are forming a new venture in the digital asset space, according to separate posts on LinkedIn. Their last day at Jefferies was Friday.
“We provide comprehensive FX capabilities that serve the diverse and sophisticated needs of our clients,” a spokesman for Jefferies said in an emailed statement. “We are prioritizing the areas where we can best serve our clients with differentiated capabilities, and in doing so, we have decided to reduce our FX prime brokerage footprint.”
Mulvihill and Mazzarese join a spate of Wall Street executives leaving traditional firms for the world of cryptocurrencies. Citigroup Inc.’s Greg Girasole and Alex Kriete, who the bank tapped last year to oversee a new digital-assets group inside its wealth-management division, announced earlier this month they’re also leaving to start a new venture in the industry.
“After 18 years of working in FX, I am excited to enter crypto as I fully believe cryptocurrencies and blockchain technology will transform traditional financial markets,” Mazzarese said in his post. “I’m eager to share more about our venture in the coming weeks.”
Mulvihill said he and Mazzarese have been interested in digital assets since examining crypto non-deliverable forward contracts in 2018.
“We are incredibly excited and passionate to announce the launch of our entrance into digital assets,” Mulvihill said in his post. “Anthony and I have been overwhelmingly inspired by the innovation and growth within the industry, as well as the challenges the industry faces due to such growth.”
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