SMBC Group's Yoshihiro Hyakutome Nominated to Jefferies Board

Nomination Comes as Focus Intensifies on Global Strategic Alliance Between the Two Firms

Published on Feb. 11, 2026

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Jefferies Financial Group Inc. and Sumitomo Mitsui Financial Group, Inc. (SMBC Group) announced that Yoshihiro Hyakutome, Deputy President and Co-Head of SMBC Group's Global Business Unit, has been nominated to join the Jefferies Board of Directors. This nomination comes as the strategic alliance between the two firms deepens, with SMBC Group also planning to increase its economic ownership in Jefferies to up to 20%.

Why it matters

The nomination of Hyakutome to the Jefferies board signals the growing importance of the strategic partnership between the two financial firms. As the Japan equities joint venture between Jefferies and SMBC Group prepares to launch in 2027, having SMBC's top global executive on the Jefferies board will help align the firms' long-term strategies and drive further collaboration.

The details

Hyakutome will be replacing Toru Nakashima, CEO of SMBC Group, who has served on the Jefferies board since 2024 when SMBC's investment in Jefferies exceeded 10%. As part of the alliance, SMBC also plans to increase its economic ownership in Jefferies to up to 20% by purchasing additional shares on the open market, subject to regulatory approvals.

  • SMBC Group's investment in Jefferies exceeded 10% in August 2024.
  • The Jefferies-SMBC Japan equities joint venture is set to commence operations in January 2027.

The players

Yoshihiro Hyakutome

Deputy President, Executive Officer and Co-Head of the Global Business Unit of SMBC Group.

Toru Nakashima

CEO of SMBC Group, who has served on the Jefferies board since 2024.

Jefferies Financial Group Inc.

A leading full-service investment banking and capital markets firm.

Sumitomo Mitsui Financial Group, Inc. (SMBC Group)

A major Japanese financial services group and the parent company of Sumitomo Mitsui Banking Corporation.

Rich Handler

CEO of Jefferies.

Brian Friedman

President of Jefferies.

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What they’re saying

“My time on the Jefferies board has confirmed that our Global Strategic Alliance with Jefferies was and is the smart strategic step forward for SMBC Group. Our enhanced collaborations and increased investment in Jefferies will cement our firms' partnership and align with our long-term goal of bringing world class, full-service financial capabilities to our combined client base.”

— Toru Nakashima, CEO of SMBC Group

“I am truly delighted to have been nominated as a candidate to join the Jefferies Board of Directors, which will enable me to help advance the strategy that Mr. Nakashima and the team at Jefferies designed to further align our firms and mutually benefit from each other's complementary strengths.”

— Yoshihiro Hyakutome, Deputy President and Co-Head of Global Business Unit, SMBC Group

“It has been our honor to have Mr. Nakashima as a board member for the past 18 months. We could not be more excited about our continued prospects and know that Mr. Hyakutome is the right person to help us execute our joint mission.”

— Rich Handler, CEO of Jefferies

“It has been our honor to have Mr. Nakashima as a board member for the past 18 months. We could not be more excited about our continued prospects and know that Mr. Hyakutome is the right person to help us execute our joint mission.”

— Brian Friedman, President of Jefferies

What’s next

The Jefferies Board unanimously approved adding Mr. Hyakutome to the director nominee slate, and he will be standing for election at the upcoming Jefferies Annual Meeting of Shareholders. SMBC also intends to increase its economic ownership of Jefferies to up to 20% by purchasing additional shares, subject to regulatory approvals.

The takeaway

The nomination of SMBC's top global executive to the Jefferies board underscores the growing strategic importance of the partnership between the two financial firms. As they prepare to launch a joint Japan equities venture, this move will help align the companies' long-term goals and drive further collaboration to benefit their combined client base worldwide.