Baxter Role Change.Frank Baxter, 63, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of brokerage Jefferies Group Inc. since 1987, last week clarified what his role will be after he relinquishes his chief executive title at the start of next year to junk bond junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. chief Richard Handler, who works out of the brokerages' Stamford, Conn. offices. "I will still be working full time at Jefferies," Baxter said. "I will be spending more time on business development and being an ambassador for the firm." Jefferies, having escaped ownership by a bank or insurance company in the last five years, is now a most rare bird on Wall Street -- a small, independent national brokerage. Robertson Stephens, Hambrecht & Quist, Montgomery Securities, and many others have been bought. So where does Baxter see lone wolf Lone Wolf, d. 1879, Kiowa Chief. He led some Kiowas on raids in 1874 after his son had been killed by whites, but he was defeated and with a number of followers was deported to Florida, where he remained in military confinement for three years; he died one year after Jefferies as hunting? "All of the consolidation has made available some talent to us that would not be there otherwise," said Baxter, speaking of troops who bolt for the doors after every merger. "And more niches are open than before." In particular, small and mid-cap companies are less served than ever by the bulge-bracket firms. The huge national brokerages really don't want to work with small or even many mid-cap companies anymore. Like some other investment bankers, Baxter now likes to get involved in earlier stages of a company's development, when it needs private growth capital, and then see it to an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , and if all goes well, help with follow-on or bond offerings or M&A work after the company becomes mature. To help companies get their dough, Jefferies has 39 years of contacts and experience with institutional buyers of equities and bonds, notes Baxter. So with the chief executive of Jefferies now in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of orbit, will Jefferies go the way of Cantor Fitzgerald Cantor Fitzgerald L.P. is a global financial services firm specializing in bond trading, as well as investment banking, asset management, market data and brokerage services. , the Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. bond house that slowly migrated to New York after founder Bernie Cantor passed away? "Well, we have always been something of a virtual firm," said Baxter, who owns about $90 million of Jefferies stock, at last week's prices. "But we have a strong corporate finance presence here, and I think the headquarters will remain here." Contributing columnist Benjamin Mark Cole writes about the local investment community for the Los Angeles Business Journal. |
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