傑富瑞集團
出自 MBA智库百科(https://wiki.mbalib.com/)
| 本條目包含過多不是中文的內容，歡迎協助翻譯。 若已有相當內容譯為中文，可逕自去除本模板。 |
傑富瑞集團網站網址：http://www.jefferies.com
目錄 |
傑富瑞集團（Jefferies Group, Inc.，紐約證券交易所：JEF）是一家大型全球證券和投資銀行集團，它已經為各種公司及其投資者提供了45年的服務。傑富瑞總部位於紐約，在全球25個城市設有辦事處。它為客戶提供資本市場和金融咨詢、機構經紀、證券研究和資產管理等服務。傑富瑞投資銀行（Jefferies & Company, Inc.）是傑富瑞集團的主要運營子公司。成立於英國的傑富瑞國際有限公司（Jefferies International Limited）是傑富瑞集團的全資子公司，受到英國金融服務監管局（UK Financial Services Authority）的授權和監管。
已經更名為：美國富瑞金融集團， Jefferies LLC.
- Leucadia National Corporation (NYSE: LUK)與傑富瑞集團(Jefferies Group, Inc。)(NYSE: JEF)宣佈，傑富瑞集團股東和Leucadia National Corporation股東以壓倒性的優勢通過了兩家公司的合併。合併之後，傑富瑞集團股東手中每股普通股將獲得0.81股Leucadia普通股。雙方將於2013年3月1日正式合併。[1]
Jefferies Group, Inc (JEF) is a full-service investment bank and asset management firm focused on growth and middle-market companies-- those with revenues between $25 million and $1 billion. The firm advises its clients on merging with or acquiring other companies, assists in raising capital, facilitates client equity and fixed income trading, and manages assets for institutional investors. Since Jefferies works mainly with middle-market firms, their transactions are typically smaller in value and more US-centric than those of larger competitors such as Goldman Sachs Group (GS) or Morgan Stanley (MS). However, unlike boutique investment banks which often specialize in a specific area, Jefferies offers a full range of services to its smaller clients.
The company has further strengthened its service offering by building its industry focused advisory groups through the acquisition of various boutique investment banks, including Quarterdeck for Aerospace, Defense, and CleanTech, Randall & Dewey for Energy, Financial & Business Services, and Broadview for Technology and Transportation, Oil Service & Infrastructure.
The company’s two main business segments are Capital Markets and Asset Management.
The Capital Markets division provides corporations and institutional investors with sales, trading, and research.
The Investment Banking Division offers a full range of financial advisory services, as well as debt and equity underwriting. The advisory division works with senior management on middle-market companies and advises them on mergers and acquisitions, restructurings, and other transactions. The Investment Banking Division also assists clients in raising money through debt and equity.
- Sales, Trading, and Research
The clients for this part of the firm include domestic and international investors such as investment advisors, banks, mutual funds, insurance companies, and hedge funds. Jefferies helps these clients purchase and sell a variety of securities.
Jefferies also provides investment management services and products to various private investment funds through Jefferies Asset Management (“JAM”). It operates several private investment funds including Victoria Falls CLO, Summit Lake CLO, Diamond Lake CLO, Jefferies RTS Fund, Jefferies Paragon Fund and Jefferies Buckeye Fund.
The firm's revenue increased 31% in 2006, from $1.5B in 2005 to nearly $2B in 2006. The increase was due to 27% increase in equity, fixed income and commodities sales and trading revenues, a 34% increase in asset management fees and investment income, a 9% increase in investment banking revenue, and a 74% increase in interest revenues. Jefferies, along with many of its peers, benefited from a strong stock market and an active M&A market.
Over the past few years, the firm has substantially diversified its revenue base. In 2000, over 75% of the firm’s revenue came from its Sales and Trading operations, but by 2006, revenue from Sales and Trading operations dropped to about half of the firm’s revenue, with a substantial growth in financial advisory and other areas of the firm.
- Business Cycles
Jefferies is highly impacted by both global and US economic conditions. During periods of rapid economic growth, companies typically pursue more mergers and acquisitions, leading to greater demand for Jefferies’ Mergers and Acquisitions advisory services. Also, the stock markets typically move in the same direction as the overall economy. If the market is up, then the demand and performance of Jefferies' sales and trading operations, as well as its asset management services will likely increase. Conversely, if the economy is depressed, demand for the firm's Mergers and Acquisitions advisory services can decrease substantially and the value or performance of the sales and trading division and the assets in the asset management business could also be affected adversely.
- Management
Jefferies' CEO Richard Handler is crucial to the performance of the company. He has been at Jefferies for over 16 years. Apart from running the firm, he also actively manages three investment funds for Jefferies. This poses the question if the CEO is stretched too thin and has enough time to focus on the key issues facing the firm.
Subprime lending refers to the practice of extending credit or loans to borrowers who fail qualify for prime or market rates due to their less than optimal credit scores. For the past decade, the interest rates associated with subprime mortgages have been about 2% higher than those associated with prime loans; the rationale is that borrowers with lower credit scores carry a higher risk of default and must therefore pay a considerable risk premium. Subprime borrowers can be extremely sensitive to interest rates. As rates rise, these borrowers, many of whom have adjustable-rate mortgages, find themselves unable to meet their debt obligations.
Jefferies is affected by the impact that worries about subprime lending are having on the overall market. In particular, the subprime fallout has scared banks, who are afraid that it is symptomatic of a broader deterioration in credit quality. As a result, lending standards have been raised in the second half of 2007 than it has been in previous years, causing the funding of M&A transactions to be more challenging - this can have an adverse effect on Jefferies' advisory business. Additionally, Jefferies has exposure to junk bond and collateralized loan obligation (CLO) markets, which were disrupted by the subprime problems. On top of this, as many financial services firms have reported losses regarding subprime mortgages, the overall equity markets have been depressed, which may have an adverse effect on the firm's sales and trading and asset management business.
Jefferies faces strong competition from many investment banks. On the advisory side of the firm, it competes with other leading middle-market investment banks, including Houlihan Lokey Howard & Zukin, William Blair & Co, Thomas Weisel Partners, and others. On many transactions, it also competes against larger investment banks,with substantially greater capital and resources,such as:
- Goldman Sachs Group (GS) - ranked number one in mergers and acquisitions advisory for the last 8 years running. GS is also a big player in the trading, principal investing, and asset management functions.
- Morgan Stanley (MS) - typically ranked number two in global mergers and acquisitions advisory, behind Goldman Sachs.
- J P Morgan Chase (JPM) - one of the largest financial institutions, with operations in Investment Banking, Commercial Banking, Treasury, Asset Management, Credit Cards, and Retail financial services.
