(Bloomberg) -- Jefferies Financial Group Inc. is hiring Abhinandan Jain, a senior Mumbai-based deal maker with Standard Chartered Plc., as the New York-based firm doubles down on its efforts to build a muscular investment banking franchise in India, according to people familiar with the matter.

Jain, mergers and acquisitions head for the South Asian region at Standard Chartered, is expected to join Jefferies in a few months on its deal advisory business, the people said, asking not to be named, as the information is not public. The executive will be leaving the bank, a spokesperson for Standard Chartered said in an emailed statement.

Jefferies under Chief Executive Officer Richard Handler has in recent years been trying to increase its presence in the Asia-Pacific region, seeking to emulate its strong position as an advisory firm in other markets such as the US and Europe. Jain’s hire comes amid expectations of a pick-up in deal activity after Prime Minister Narendra Modi returned to power for a third term this month and vowed to bolster India’s fast-paced economic growth. 

A spokeswoman for Jefferies declined to comment and Jain didn’t respond to a request for comment.

Jain joined the UK-based bank in 2020 from Mitsubishi UFJ Financial Group Inc., according to information available on his Linkedin page. Last year, the hard-charging US bank had hired Ashish Jhaveri, head of mergers and acquisitions for Barclays Plc in India, to help build its deal advisory business in the country.

©2024 Bloomberg L.P.