Jefferies Financial Group Inc. is an American financial services company based in New York City. It is listed on the New York Stock Exchange and is a part of the Fortune 1000.
Contents
Investments
The company's major holdings are as follows:
Financial Services
Jefferies Group (100%) - investment banking & capital markets
Berkadia Commercial Mortgage (50/50 joint venture with Berkshire Hathaway) - commercial mortgage banking, investment sales and servicing
HomeFed (65% ownership) - Builder of Master Planned Communities, Income Properties, Land Holdings
FXCM (49.9%) - online foreign exchange trading
Foursight Capital (100%) - vehicle finance
Others
HRG Group (23%) - insurance and consumer products
Vitesse Energy (96%) - oil and gas exploration and development
Juneau Energy (98%) - oil and gas exploration and development
Garcadia Holdings (75%, Joint venture with Ken Garff Automotive Group) - automobile dealerships
Linkem (57%) - fixed wireless broadband services
Golden Queen (35%) - a gold and silver mining project
Idaho Timber (100%) - manufacturing
National Beef Packing Company (79%) - food producer
History
In 1970, Ian Cumming and Joseph S. Steinberg both graduated from Harvard Business School and went to work for Carl Marks & Company, an investment bank.
In 1979, they gained control of Talcott National Corporation, sold the James Talcott Factors division, and, in 1980, they renamed the company Leucadia.
In 1984, the company made a $61 million profit on its $77 million investment in Avco Corporation by forcing the sale of the company to Textron.
In 1991, the company acquired insurer Colonial Penn from Florida Power & Light for $150 million.
In 1997, the company sold the life insurance division of Colonial Penn to Conseco for $460 million and sold the auto insurance division of Colonial Penn to GE Capital for $950 million.
In 1998, the company sold Charter National Life Insurance and Intramerica Life Insurance to Allstate.
In 2002, the company received a 44% stake in WilTel Communications Group as a result of a bankruptcy reorganization.
In May 2003, the company made an offer to acquire the remaining shares of WilTel Communications Group that it did not already own.
In August 2003, after increasing its offer, the company acquired the remaining shares of WilTel Communications Group.
In September 2003, the company acquired RehabWorks.
In January 2004, the company financed Pershing Square Capital Management, a hedge fund managed by Bill Ackman.