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COPYRIGHT 2003 Adams Business Media
Jefferies & Co.
Steve Black
Equity Research Director
Research Director Steve Black must be doing something right. While nearly every other firm seems to be indiscriminately cutting back, Jefferies & Co. is expanding. The full-service firm, which focuses on mid-cap companies, has 70 equity research professionals following nearly 500 companies in over 30 industries worldwide--and those numbers are growing.
When Black took the helm at Jefferies less than four years ago, the firm had an excellent institutional trading platform but a subpar research product. Black focused on a resurgence of equity research in a trading environment. Under his direction, Jefferies is now a top five provider of equity research as measured by the number of First Call notes accessed by institutional investors on a per analyst basis, and every senior U.S. analyst was recognized by Institutional Investor's 2001 equity research award process.
Black and his team decided early on that they wanted to provide full service. "The decision had to be made if we wanted to be just a trading firm--and we were making good money at that--or did we want to be full service and be the best at a niche, mid-market practice," he says. "We have strengthened our whole business--not only in equity research. We have hired key people over the years throughout the firm."
Black has continued to strengthen Jefferies by deepening coverage in selective areas. "There are three sectors where we are really deep and broad. We are proud of our full service in energy, healthcare services, and the services sector, which includes financial and business," he says. Black also would like...
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