JEFFERIES LLC is an American global investment bank and institutional securities firm headquartered in New York. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management . This includes mergers and acquisitions , restructuring , and other financial advisory services.
Jefferies was named one of the World's Most Admired Companies by
Fortune magazine in 2011, Best Place to Work in the Financial
Industry by Here Is The City News in 2010, 2011, 2012 and 2013, and
one of the best companies to work for in the UK by
The Sunday Times
On November 12, 2012, Jefferies announced its merger with Leucadia , its largest shareholder. At that time, Leucadia common shares were trading at $21.14 per share. As of December 31, 2015, Leucadia shares were trading at $17.39 per share. Jefferies remains independent and is the largest operating company within Leucadia. On March 1, 2013, along with the closing of the merger, Jefferies "> International expansion led the company to develop a new overseas office in London, headed by Frank Baxter. In 1986, Baxter became president and chief operating officer, returning to New York to manage the company.
In 1987, Boyd Jefferies was charged by the government and the
Securities and Exchange Commission
Frank Baxter took over as CEO in 1987 and under his leadership the company focused on diversification, moving beyond its third market niche. In 1990, Jefferies derived approximately 80 percent of its revenues from equity block trades . In that year, following the collapse of Los Angeles-based Drexel Burnham Lambert , the fifth largest investment bank at the time, Jefferies hired 60 of its bankers and traders, including Jefferies' current chairman and CEO, Richard B. Handler . The hires marked the firm's entry into the high yield markets and investment banking. Three years later Jefferies launched its first sector-focused investment banking effort by hiring a group of bankers from Howard Weil, an oil and gas specialty boutique. In March 1994, Jefferies acquired a 25% stake in BBY Ltd , an Australian stockbroking and corporate advisory firm.
Baxter's expansion plans also included global expansion in electronic
trading, corporate finance, international convertible sales and
derivative sales. Jefferies also moved quickly into the fourth market:
off-exchange, computer-based (electronic) trading. In the fourth
market the broker's position was eliminated by the Portfolio System
for Institutional Trading (POSIT) that traded portfolios and matched
buyers and sellers automatically. The company created a wholly owned
In January 2000 Frank Baxter stepped down as president of Jefferies
and relinquished the CEO title later that year. In January 2001,
* FS Private Investments, renamed Jefferies Capital Partners, 2001
* Lawrence Helfant, a NYSE Floor Broker Unit, August 2001
Beginning in 2009 the firm expanded its European businesses. Its new
European Rates unit, based in London, became an official member of the
Federal Republic of Germany's bidding group in October 2009, a
Gilt-Edged Market Maker (GEMM) appointed jointly by the UK Debt
Management Office and
In June 2009 the firm hired more than 35 healthcare-focused
investment banking professionals from
In November 2011, Jefferies was accused by Egan-Jones of having 77%
of its shareholder's equity tied up in the same illiquid sovereign
debt securities that just toppled
On April 16, 2012 Jefferies CEO
Richard Handler and
On August 1, 2012, Knight Capital took a pre-tax loss of $440m due to a trading glitch. On Sunday Aug 5 the company managed to raise around $400 million from six investors led by Jefferies in an attempt to stay in business after the trading error. Jefferies CEO Richard Handler and Executive Committee Chair Brian Friedman structured and led the rescue and Jefferies purchased $125 million of the $400 million investment and became Knight's largest shareholder.
On November 12, 2012, Jefferies announced its merger with Leucadia,
its largest (28%) shareholder. Leucadia is often referred to as a Baby
Berkshire because of its similarities to
In September 2014, Jefferies announced a $500 million deal with CircleBack Lending, which was the largest of its kind at the time. They aimed to leverage their experience with securitization markets to structure securities upheld by CircleBack Lending assets, which could then be rated and sold to an array of investors. In June 2015, the first securitization from this deal took place, totaling $106 million.
Jefferies has coverage groups spanning across all industries including Aerospace & Defense, Business Services, CleanTech, Consumer & Retail, Energy, Financial Institutions Group, Financial Sponsors, Gaming & Leisure, Healthcare, Industrials, Maritime, Media, Public Finance, Real Estate & Lodging, Technology, and Telecommunications.
The firm also provides investors fundamental research and trade execution in equity, equity-linked , and fixed income securities, including corporate bonds , United States government and agency securities, repo finance, mortgage- and asset-backed securities , municipal bonds , whole loans, and emerging market debt , as well as commodities and derivatives . In addition, Jefferies provides asset management services and products to institutions and other investors.
Jefferies Group LLC 10-K for the 12 months ended 11/30/2013
filed 1/28/2014 (page 156)
Jefferies Group LLC Form 10-Q for the quarterly period ended
August 31, 2014
* ^ "World\'s Most Admired Companies, Securities". Fortune. March
21, 2011. Retrieved July 22, 2013.
* ^ Jefferies Best Place to Work 2011. Here is The City, March 28,
* ^ Goldman and Jefferies stand out in employment polls. Financial
News, March 2, 2012
* ^ "Merger Between Jefferies And Leucadia Secures The Investment
Bank\'s Future". SeekingAlpha. November 13, 2012. Retrieved January
* ^ "
Leucadia National Corporation Historical Prices". Yahoo!
Finance. December 31, 2015. Retrieved January 12, 2016.
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at 70; Headed Institutional Broker". New York Times. Retrieved July
* ^ "Fund Group Seeks Western Broker". New York Times. July 10,
1969. Retrieved July 22, 2013.
* ^ "I.D.S. Unit Suing Stock Exchange". New York Times. October 19,
1971. Retrieved July 22, 2013.
* ^ "Big Board Accepts Institution Firms". New York Times. January
18, 1973. Retrieved July 22, 2013.
* ^ "Seat on Big Board is Sold by Jefferies". New York Times.
September 22, 1973. Retrieved July 22, 2013.
* ^ Stevenson, Richard W.; Cowan, Allison Leigh (March 23, 1987).
"Entering the Breach at Jefferies & Co.". New York Times. Retrieved
July 22, 2013.
* ^ Labaton, Stephen (January 15, 1989). "The Trials And Errors Of
Boyd Jefferies". New York Times. Retrieved July 22, 2013.
* ^ Vrana, Debora (October 4, 2000). "Jefferies CEO Frank Baxter to