Hedge Fund - Leucadia National

Leucadia National Corporation, now known as Jefferies Financial Group (NYSE:JEF) is a diversified financial services firm specializing in investment banking, merchant banking, and asset management. We customize the structure of each investment to capitalize on the distinct opportunities presented by each transaction.

Ian Cumming graduated with a degree in zoology from the University of Kansas before earning his MBA from Harvard Business School in 1970. He made Salt Lake City his permanent residence after he and Harvard classmate Joe Steinberg transformed a company, eventually named Leucadia, into one of America's most successful investment banking firms. While Steinberg managed Leucadia's corporate offices in New York City, Cumming established its executive offices in Salt Lake City. By the time Cumming retired in 2012 at the age of 72, after 34 years at the helm, Leucadia National Corp. had a reported net worth of $6.8 billion and a compounded annual growth rate of 18.2%.

Joseph Steinberg is the chairman of Jefferies Financial Group. He served as president of Leucadia National Corporation from 1979 to 2013, during which time Leucadia acquired companies such as National Beef and provided financing for Bill Ackman's Pershing Square Capital Management. In 2013, Leucadia merged with Jefferies, and Steinberg became chairman. The combined entity was rebranded as Jefferies Financial Group in 2018. Additionally, Steinberg serves as a director of Crimson Wine Group, which owns vineyards in California, Oregon, and Washington.

Jefferies Financial Group reported $10.8 billion in managed 13F securities for Q1 2024, with a top 10 holdings concentration of 36.37%. Their largest holding is the SPDR S&P 500 ETF Trust, with 2,789,600 shares.