What Friedman thinks about in 2022 is whether everyone at the firm has done enough for clients on a given day, although he thinks it is at least something within his power to tackle. It is a subsidiary of Jefferies Group LLC,[5] which itself is a subsidiary of Jefferies Financial Group, formerly Leucadia.[6]. Get 5 free searches. One frequently referenced by those outside the firm is Rob Leach, who was hired as head of European ECM at the end of 2015. On average, they anticipate the company's stock price to reach $37.75 in the next twelve months. The Capital Markets segment also includes its securities trading (including the results of its indirectly partially owned subsidiary, Jefferies High Yield Trading, LLC) and investment banking activities. [11] By 1977, Jefferies had expanded with offices in Los Angeles, New York, Chicago, Dallas, Boston, and Atlanta. There is surely plenty that Jefferies can do with somewhere between 4,500 and 40,000 staff without ruining what it is. Brian P. Friedman, its president, and leaders of its major businesses. In 2019 it hired a group of five bankers from Berenberg, headed by Oliver Diehl, a former colleague of Lesters at UBS and someone he describes as an origination machine. Get 5 free searches. A mysterious buyer behind. Congratulations on your first 20 years, and lets get to it. Get Brian Friedman's email address (b*****@windriverholdings.com) and phone number (215670..) at RocketReach. Significant acquisitions during this period included: Beginning in 2008, Jefferies took advantage of the dislocation created during the credit crisis to enter several new business segments, including mortgage-backed securities and municipal bonds. Prior to joining Euromoney magazine he was based in Hong Kong as managing editor, Asia, for the Capital Markets Group. 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. The firm now ranks number one in ATM programmes. FXCM has benefited from the scale and breadth of the Jefferies family of companies. This is literally the most pleasant place I have ever worked, says one managing director who has been at Jefferies for more than 10 years. Ten-X Commercial has 1112 Eldridge Parkway, Houston, TX 77077 available for sale. At that moment, we said that the middle tier had been eliminated lets take over that space.. Jefferies in Europe: building an ECM franchise, Sumitomo Mitsui Banking Corp (SMBC) partnership. In March 1994, Jefferies acquired a 25% stake in BBY, an Australian stockbroking and corporate advisory firm. "In 2006, Brian Friedman, Chairman of our Executive Committee, and I were granted restricted shares in respect of 2007 with a value at that time of $6. Jefferies had a top-three convertible bond franchise in the US, so the feeling was that this would complement that well. The estimated Net Worth of Brian P Friedman is at least $187 Milln dollars as of 24 October 2022. Friedman says that the firms attitude to risk in leveraged finance is not meaningfully different now from what it has ever been and that the Sumitomo Mitsui Banking Corp (SMBC) partnership will allow it to expand that franchise without driving up risk. As an example, he cites Michael Stock, the hard-charging chief executive and head of investment banking for Jefferies Australia. One area he is focused on right now is equity derivatives and strategic equity solutions, where the firm had a meaningful presence in the US but was lacking in Europe. Now Jefferies has come up with something that might also be painful for its perpetrators. But they also put it down to its special sauce. [38] Jefferies has over 30 offices worldwide including Boston, Charlotte, Los Angeles, San Francisco and Chicago as well as in leading financial centers around the world that include Frankfurt, Zrich, Amsterdam, Singapore, Shanghai, Tokyo, and Mumbai. BRIAN P. FRIEDMAN (Registration #1700343) is an attorney in New York, New York admitted in 1981 in New York State, registered with the Office of Court Administration (OCA) of New York State Unified Court System. UPDATED, June 9, 6:43 p.m.: Brian Friedman, president of investment bank Jefferies Capital Partners, sold his Tribeca pad at 25 North Moore Street for $21 million. The most active insiders traders include Financial Group Inc. Jefferies, Joseph S Steinberg, and Brian P Friedman.On average, Jefferies Inc executives and independent directors trade stock every 156 days . Jefferies also moved quickly into the fourth market: off-exchange, computer-based (electronic) trading. In 1986, Baxter became president and chief operating officer, returning to New York to manage the company. Insiders trading at Jefferies Inc. Over the last 15 years, insiders at Jefferies Inc have traded over $54,961,337 worth of Jefferies Inc stock and bought 27,217,914 units worth $508,603,736 . Other senior hires followed, including sponsors banker Ulrich Boeckmann from Barclays to run coverage, and industrials specialist Berthold Mueller from BNP Paribas. Their JEF share price forecasts range from $28.00 to $46.00. This gives it more heft to bring to its Jefferies Finance joint venture with MassMutual, as well as cross-border M&A involving Japan. I think you can definitely use 2019 as the base at the low end., In their letter to shareholders, Handler and Friedman attributed the firms performance first and foremost to its ability to deliver distinct industry, market and strategic insights to clients.. The estimated Net Worth of Brian P Friedman is at least $379 Million dollars as of 27 July 2022. 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. By 1984, according to Business Week, Jefferies was among the ten most profitable publicly held brokerages. Specifically, Jefferies will donate 100% of net global trading commissions on February 26, for all trading in equities, fixed income and foreign exchange by the firms clients. After this, Friedman flew back to Los Angeles to work with the acts permanently on the live shows of the second season of the American version alongside Simon Cowell, L.A. Reid, and new . When he joined Jefferies in 2009, he saw it as one of the few that had retained a traditional platform, with an equity distribution effort that looked increasingly differentiated relative to its competitors. Contacts. This includes mergers and acquisitions, restructuring, and other financial advisory services. Friedman has gone into contract on a sprawling $16.5. We are looking forward to a fun day of Doing Good with each of you, JEFFERIES TO HOLD DOING GOOD GLOBAL TRADING DAY ON FEBRUARY 26 TO SUPPORT ORGANIZATIONS FOCUSED ON
It is much more hand-in-hand than bolted on, he says a nod to the ever-present alignment theme. FIG coverage was one area where Jefferies bankers concede the firm was lacking until that move. Jefferies Group LLC is a wholly owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company. As recently as 2019, it did not figure in the top 10. Registration is mandatory for the event, which will be hosted both in-person and virtually, and attendees should provide their . 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. . [10] Jefferies rejoined the exchange in March 1973. Sharp General Counsel, Secretary, Executive Vice President [25][26], 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 MF Global. We cannot promise in advance which charities will benefit from our day of Doing Good, but we will do our work and take all nominations into consideration. On August 1, 2012, Knight Capital took a pre-tax loss of $440m due to a trading glitch. He certainly sells the story well. The change reflects the firms gradual pivot around its investment bank as it continues to reduce its legacy merchant banking portfolio. Focused on serving clients for nearly 60 years, Jefferies is a leader in providing insight, expertise and execution to investors, companies and governments. As we have endured almost a full year of the global effects of COVID-19, we believe it is an appropriate time for us to step back and reflect on all that we at Jefferies have to be thankful for in our lives. Forlenza says that the Covid pandemic shows the benefit of the firms focus on the traditional high-touch sales and trading business in the US, even as others have pulled back. Four years ago, it took a power team out of Royal Bank of Canada. The growing third market helped Jefferies become the seventh largest firm in size and trading on the NYSE during those years. The firm started with $30,000 in borrowed capital, which Boyd Jefferies used to purchase a seat on the Pacific Coast Stock Exchange. We are not a lending shop that is going out looking for loans we are an ideas shop where loans are part of what we provide, he says. Jefferies CFO Peg Broadbent died at the age of just 56 after suffering with the virus early in the pandemic, an event that shook the firm to its core. As Chief Executive Officer at JEFFERIES FINANCIAL GRP INC, Richard B. Handler made $28,857,659 in total compensation. Brian Friedman has an ownership stake in Jefferies Capital Partners LLC of between 50% and 75%. Brian Friedman is President of Jefferies Capital Partners, Chairman of the Executive Committee of Jefferies and President and member of the Board of Directors of Leucadia National Corporation. Jefferies pulled in about 80% of the demand. The employees can choose one gift, Handler and President Brian Friedman said in a memo to the firm's 1,124 analysts and associates. Brian Friedman became President of Leucadia while retaining his duties at Jefferies. [36], On April 5, 2021, it was announced that Jefferies Group would be coordinating the GameStop Corporation at the market sale associated with their Securities and Exchange Commission filing that it will raise up to $1 billion by selling as many as 3.5 million new shares of common stock.[37]. At that time, Leucadia common shares were trading at $21.14 per share. Friedman, a Wall Street veteran, speaks from experience. He has visited the country several times in the past two decades. The electronification of equity markets in the early 2000s, which has seen the profit to be made from voice trading fall precipitously, left many smaller investors largely unserved by bigger houses. By Kim Velsey 06/09/15 3:17pm. Beginning in 2009 the firm expanded its European businesses. It is winding down elements that are not core to that. Others, like UBS, stepped back from ambitions to be global full-service investment banks and again an opening emerged for Jefferies. 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. Where do they settle post-Covid? Friedman certainly doesnt buy all of that characterization now. Brian has a BS, Materials Science and Engineering from Lehigh University. Part of its development has been down to the early identification of areas where the firm thought there would be growth. In a letter to staff published today, Jefferies' CEO Richard Handler and president Brian Friedman urge Jefferies' client-facing staff to open-up their client relationships for the bank as a whole to benefit from. This was the time of the famous healthcare land grab in 2009, when Jefferies hired the UBS team run by Ben Lorello, the medicine man with a reputation for driving his staff hard. Highly leveraged deals dont represent even 10% of the opportunity, he says. "I have renewed expectations that India. Jefferies Group LLC is the largest independent, global, full-service investment banking firm headquartered in the U.S. [31] 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. Directory of Profiled Business People: Brian Friedman Fricker, Marco - Friese, Jake > Friedman, Amanda - Friedman, Carissa > Friedman, Bret - Friedman, Brian > Friedman, Brian 1-25 of 129 Contacts NEW YORK, LONDON and HONG KONG, February 12, 2021 Jefferies announced today that it will hold a Doing Good Global Trading Day on Friday, February 26, 2021 to support accredited charities focused on advancing diversity and inclusion, supporting COVID-19 relief efforts and improving sustainability and the environment. In this business, it is hard to get a client, and when you do you have to bring them a lot of expertise you dont get second chances, he says. Friedman sees each opportunity for the firm emerging from the previous one: It was the 1997 to 2001 period that created the opportunity between 2001 and 2007; it was the 2007 to 2009 crisis events that created the ability to take share in 2010 to 2015. And Friedman argues it has got as much from staying the same as it has from changing. Now it includes areas such as broader food retailing, beauty and cosmetics. NEW YORK--(BUSINESS WIRE)--July 18, 2005--Jefferies Group, Inc. (NYSE: JEF) today announced the election of Brian P. Friedman to its Board of Directors.With the resignation of John C. Shaw, Jr. as . In June 2009 the firm hired more than 35 healthcare-focused investment banking professionals from UBS. Additionally, in February 2010 Jefferies was appointed as an EBT (Especialistas em Bilhetes do Tesouro) for Treasury Bills and as an OMP (Operadores de Mercado Primrio) for long-term bonds by the Portuguese Treasury and Government Debt Agency (Instituto de Gesto da Tesouraria e do Crdito Pblico, IGCP). The period during which IDS owned Jefferies was tumultuous and ultimately in September 1973 Boyd Jefferies bought back the company, then based in Los Angeles. their board to reduce their cash bonuses In November, Jefferies announced it would be acquired by Leucadia National . The new leadership proposed to give equity to every employee and diversify the firm's revenue with asset management, a more aggressive buildup of investment banking and merchant banking. The Jefferies Doing Good Global Trading Day offers investors around the world the opportunity to join these efforts by trading with Jefferies. Try for free at rocketreach.co Brian Friedman, Jefferies Many of its better hires jumped ship from firms they'd been at for years but where they had become disillusioned with their role, their employer, or both. I dont believe every firm is as integrated as we are we believe that we have built a research and a differentiated distribution platform, complemented by sales and trading, that meaningfully helps clients when they go public and in their capital raises., It is also behind Lesters belief that the depth of the investor-coverage side of the business is so critical to the success of Jefferies in ECM. Friedman has already received co-op board approval at the . Regulation since the global financial crisis but also dating from before that has weighed heavily on big banks. When Peter Forlenza, Jefferies global head of equities, joined from UBS in 2013, the firm sat outside the top tier of global equities businesses that were true partners to the Street. Our customers, employees and stakeholders benefit greatly from the Leucadia/Jefferies affiliation. That persistence extends to management. Global Head, Human Resources at Jefferies . Friedman does nonetheless think about some other things he worries about geopolitics and the polarization of the powers, and how there seem to be more cross-currents in the macro environment than ever before. Closed Northeastern US Companies (Top 10K), Total number of current Advisors and Board roles the person has, Algorithmic rank assigned to the top 100,000 most active Investors, The organization associated to the person's primary job, Where the person is located (e.g. But what makes us different is that we recognize that those smaller accounts can be equally relevant to the equities business and to the new-issue business., This thinking goes to the heart of how Jefferies bankers all the way to the top say the firm approaches the development of all its businesses. Tom's proven track record as a business leader. The smaller accounts might not be as consistent because they are more focused, but they can be highly relevant when they are a good fit for a particular investment story. Before Covid was even known, we had finished 2019 with momentum, he says. [27] This was accompanied by a concurrent large-scale short seller attack and a campaign of what turned out to be misinformation. But he reflects that it was not so long ago that coronavirus brought concerns that were much more personal. [13], Frank Baxter took over as CEO in 1987 and under his leadership the company focused on diversification, moving beyond its third market niche. Those who have competed with him over the years rate him highly. Brian is Managing Member and has served as Managing Member since 01/01/2005. They have a totally different approach, says this adviser. Jefferies will be donating a further $1 million directly and we are asking each of you to donate personally your days salary (or more) to these important causes. Bankers across the firm tell Euromoney that while boutiques have their attraction for rainmakers, their lack of distribution platform and product variety means they dont suit everyone. In addition, he makes $22,015,200 as President y Director at Jefferies Inc. "Realistically, we do . In 1967, the company joined the New York Stock Exchange (NYSE), opening a five-person office in New York. Membership was opened to brokerage firms owned by other kinds of companies, so long as 80 percent of brokerage was conducted with the public. Twenty years ago, we thought we had something, he says, but it was largely a high-yield franchise competing with the likes of DLJ and Credit Suisse. Jefferies' CEO, Rich Handler, and President, Brian Friedman, stated: " We are very pleased to welcome Tom as our newest independent Director. and a member of the bar of the State of New York. [12], In 1987, Boyd Jefferies was charged by the government and the Securities and Exchange Commission with two securities violations: "parking" stock for a customer Ivan Boesky and a customer margin violation. It is why one specialist adviser says that he is happy to recommend Jefferies to issuer clients he is working with, particularly for those in the mid-cap segment. Each executive was awarded $13 million. The firm now has 20 investment bankers, including four managing directors. Jefferies Groups annual net income had more than doubled to $1.7 billion. And retrenchment among European investment banks gave it opportunities to expand elsewhere. Those platforms were tiny by todays standards, but they were the basis for what everyone is using now capabilities that existed in the 1970s. 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. NET WORTH: Unknown SOURCE OF WEALTH: Jefferies Capital Partners FUNDING AREAS: Education, Arts & Culture, Health, Jewish Causes, Human Services OVERVIEW: Brian Friedman and Barbara Shulman, and family conduct their philanthropy through the Brian P. Friedman Family Foundation.Available tax filings indicate that the foundation gave away just under $1.4 million in 2017. For all that consistency, Jefferies did also change and Friedman argues that the evolution of the firm is critical to understanding where it finds itself now, riding high as economies pick their way gingerly out of the coronavirus pandemic. But another big step was bringing heavy hitters on board. As visionary as Rich and Brian are, a big part of Jefferies secret is hiring people that want to be a part of it, that share the excitement of building the firm, says Kanoff. He successfully led Loopd to a successful acquisition, secured over 2.5 million dollars in venture capital and grew his. He was not looking to re-establish a career in investment banking, had no experience in sales, trading or research, and did not want to help build or run another financial services company. Brian Friedman is President of Jefferies Capital Partners, Chairman of the Executive Committee of Jefferies and President and member of the Board of Directors of Leucadia National Corporation. Jefferies provides FXCM with prime brokerage services for FX trading. What Covid did in the world of business is separate those that had momentum and those that had problems, says Friedman. During this period, Jefferies built its investment banking division primarily by acquiring boutique advisory firms with specific sector expertise, most notably Randall & Dewey (energy) and Broadview (technology). NEW YORK, March 1 (Reuters) - Investment bank Jefferies Financial Group expects capital markets to improve in the second half of 2023, Chief Executive Officer Richard Handler and President Brian . I would not be here without you, nor would the rest of us. Mark Baker is deputy editor. "Rich" Handler (born May 23, 1961) is an American businessman, and chief executive officer (CEO) of Jefferies Group since 2001; one of the longest-serving CEOs on Wall Street. from The Wharton School of the University of Pennsylvania, and a J.D. 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. More importantly, thank you for your constant, relentless, selfless, passionate, effective and critically important leadership in helping Jefferies emerge from these two decades in a position where the future is ours to define. With this gratitude in mind, we are designating February 26th as Jefferies Global Trading Day of Doing Good. Below you will see the press announcement that we just released designating all of our global net trading revenues to be donated to accredited charities focused on advancing diversity and inclusion, supporting COVID-19 relief efforts and improving sustainability and the environment. Not for nothing did Handler highlight in one of his monthly Jef_All emails to staff last year that Friedman, aged 64, thinks in decades. It takes patience, perseverance and persistence.. Jefferies' boss said the investment bank is "not looking for reasons to shrink", but did not rule out layoffs for its employees as more banks are set to cut back after a sharp downturn in fees. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has partnered in, Total number of current Jobs the person has, Total number of past Board and Advisor roles the person has, Number of news articles that reference the Person, Wharton School of the University of Pennsylvania, Free Pelotons and iPads: How Wall Street is fighting Covid burnout, Senior Wall Street Executive Dies of Coronavirus, Jefferies Announces The Jefferies Asia Forum 2020, Jefferies to Hold Asia Pacific Trading Day in Support of Australia Wildfires Relief on Wednesday January 22, Potential buyer for Trumps D.C. hotel lease says its underperforming and unrealistically priced, Jefferies Financial Group Closes Sale of Its Remaining 31% of National Beef, Louis Walsh stunned as he is axed from X Factor for the third time, Louis Walsh explains how hard X Factor return was after being 'sacked' twice, Jefferies slashed the value of its stake in WeWork by $146 million more than two weeks before its failed IPO, EisnerAmper adds director of business development to Iselin office. In 1971, IDS and Jefferies filed an antitrust lawsuit against the exchange, seeking $6 million in damages. The group had closed more than $567 billion in transactions since 2005, generating in excess of $1 billion in revenues for UBS. While Jefferies had developed an M&A franchise of sorts in the UK, it was skewed to specific sectors such as health and technology and was largely for private deals involving financial sponsors. When Jefferies chief executive Rich Handler and president Brian Friedman wrote their annual letter to shareholders in January 2022, they were in jubilant mood. Later in the year, the firm hired Enrico Magnifico from Goldman Sachs to build a strategic equity business in Europe, Middle East and Africa; and in January 2022 it hired Andrew Mitchell from Bank of America. Our firm provides a full range of investment banking, advisory, sales and trading, research and wealth management services across all products in the Americas, Europe and Asia. By the mid 2010s, Jefferies revenues were hitting $2.5 billion. Kanoff took over the role after Ben Lorello retired in 2020. Tuesday May 3, 2022 12:38 pm Jefferies has called on its senior bankers to return to the office to help mentor those in the junior ranks after a prolonged period of working from home during the Covid-19 pandemic. Lorello went on to run investment banking and capital markets at Jefferies until his retirement in 2020. summa cum laude and an M.S. The company created a wholly owned subsidiary, Investment Technology Group in 1987 to run POSIT. Total staff increased by 15%. Accession Number: 0001214659-23-003300. This suggests a possible upside of 1.0% from the stock's current price. The company itself was not charged but its brokerage unit was censured by the SEC. But there is another 50% of demand that comes from accounts that are smaller than that and that universe is closer to 650 in the US.. Jefferies probably took longer than it would have liked to figure out exactly the kind of banker it should be hiring to build its business. Global head of strategic equity transactions is Andrew Yaeger, a Deutsche Bank veteran that Jefferies hired in 2021 along with Paul Stowell. [4], On March 1, 2013, along with the closing of the merger, Jefferies & Company, Inc. was converted to a limited liability company and re-branded as Jefferies LLC. Thats not to say he wouldnt want at least some of what the bulge brackets can boast but only if he could bolt it on to Jefferies culture. Nowhere is the investment banking push more evident now than in Europe. Get Brian Friedman's email address (b*****@olathehealth.org) and phone number (913393..) at RocketReach. That allowed Jefferies to grab more share, including outside the US. [3] Jefferies remains independent and is the largest operating company within the Jefferies Financial Group, as Leucadia was renamed in May 2018. In addition, Jefferies as a firm will donate $1 million directly, and all 3,922 employees worldwide will be given the opportunity to personally donate to these efforts. Rather than being intimidated, Jefferies executives were watching all these moves with growing confidence. In 2012, Friedman returned to work on The X Factor UK for the ninth series alongside the judges Gary Barlow, Tulisa Contostavlos, Nicole Scherzinger, and Louis Walsh for the first three weeks of the live shows. Mr. Friedman JEF stock SEC Form 4 insiders trading. Brian received both a B.S. Brian P. Friedman Jefferies Financial Group Inc. address: 520 Madison Ave Fl 11, New York, NY 10022-4213 Telephone: (212) 284-1701 Attorney Overview Brian P. Friedman is an attorney registered with New York State, Unified Court System, Office of Court Administration, admitted in 1981. Brian Friedman became President of Leucadia while retaining his duties at Jefferies. It is a sizeable increase and puts the firm in eighth place globally, but it still represents a small share in absolute terms something that gives Handler confidence that there is plenty of room to grow. However, because IDS did not derive at least 50 percent of its gross income from broker-dealer operations, Jefferies had to quit the New York exchange under Exchange Rule 318. Mr. Brian P. Friedman, CPA, is a President at FastMatch, Inc., a President & Director at Jefferies Financial Group, Inc., a Chairman at Telex Communications Intermediate Holdings LLC, an Executive Chairman at Jefferies Group LLC, a Founder & President at Jefferies Capital Partners, a Chairman at STRIVE International and a President at The The firm was celebrating its 60th anniversary with record results. When we sell CLOs [collateralized loan obligations] out of that joint venture, people believe in the quality of our mid-market loan portfolio., And while he concedes that the firm has been nimbler than some, he puts its success down to effort and consistency: Jefferies is a story of Wall Street in a world that doesnt have a lot of Wall Street left in it.. He's a native of New Jersey Rich Handler was raised in the state of New Jersey. This aggressive and unconventional response resulted in an eventual 100% increase in Jefferies share price from the November lows. The ambition is to build nothing less than the best world-class global investment bank, Handler said in December. At that time Jefferies had some investment bankers in the region, mostly focused on sell-side M&A, and it had picked up a clutch of equities staff from Bear Stearns European business when that firm collapsed in 2007. When the firm started its consumer group, it was built around a restaurant-sector franchise. The employer is Jefferies Financial Group Inc.. The sector build that Friedman describes has taken shape incrementally, says Kanoff. In ECM, two of those have been special purpose acquisition companies (Spacs), in which activity exploded in 2020, and at-the-market (ATM) offerings, where filings have more than doubled since Jefferies targeted the business to more than 500 in 2021.