It’s hard to be in India and not be excited: Jefferies CEO Richard Handler
Adani Group stocks following Hindenburg Research’s scathing indictment was cutting against the grain — the cumulative value of the ports-to-power conglomerate’s stocks had nosedived more than $150 billion at one point — but GQG’s confidence capital at the nick of time helped soothe nerves while simultaneously raising eyebrows over the gumption of GQG’s founding chairman Rajiv Jain.
Unknown to many, behind the scenes Jefferies was busy playing the match maker. Being the sole broker on India’s largest block trade (GQG’s $1.1 billion into Adani Power, as part of the larger $1.87 billion) thus became the breakout moment for Wall Street’s “challenger” investment bank Jefferies. When most other advisors were pulling back, Jefferies chose to pull out all stops for their client.
“I saw at a very early age how fragile companies can be,” said Richard Handler, CEO of Jefferies investment bank for 24 years, in an exclusive interaction in ET, during his recent maiden trip to the country. “I also saw at an early age how you can always see the best in people and the worst in people in times of strife. Everyone is your best friend when you're on top of the world. But you can only judge who's really with you when you are in a period of dislocation.”
Perhaps being at the centre of and then surviving a “a horrendous false attack in 2011” by what Handler himself once described “as a corrupt and incompetent rating agency analyst” compassion comes naturally to him and his firm. “I always give the people the benefit of the doubt. And
