The son of Alan and Jane Handler, Richard Handler grew up in New Jersey, graduating in 1979 from Pascack Hills High School in Montvale.^[2][1] He received a BA in economics from the University of Rochester magna cum laude in 1983 and an MBA from Stanford University in 1987.^[3] Prior to Jefferies, he was an investment banker at First Boston and later he worked for Michael Milken at Drexel Burnham Lambert in the high-yield bond department.^[2]

Jefferies edit

Handler joined Jefferies in April 1990 as a salesman and trader.^[2] He was appointed CEO on January 1, 2001^[4] and Chairman in 2002, succeeding Frank E. Baxter.^[2] Handler also is Chairman of Jefferies' Global Diversity Council.^[5] When Handler joined as CEO, Jefferies had been primarily known as a trading firm with expertise in the energy sector.^[6] As of 2022, Jefferies had become the 8th largest investment bank by revenue and the sixth busiest in mergers and acquisitions.^[7] As of 2021, Handler owned more than 7% of the stock.^[8] According to SEC filings, apart from charitable donations and tax-related sales, Mr. Handler had not sold any of his shares.^[9]

Egan-Jones report edit

In November 2011, ratings company Egan-Jones issued a negative report regarding Jefferies that caused a 20% decline in the Jefferies stock price minutes after the opening bell the following morning.^[10][11] Chris Kotowski of Oppenheimer & Co. made public statements pointing out figures in the Egan-Jones report that were 'so grotesquely wrong they should immediately jump off the page to anyone remotely familiar with the numbers.'^[12][13] The Egan-Jones report was described by Kotowski in his research report from November 23, 2011 titled "Another Hack Attack" as 'flat out wrong',^[14] and was followed by what Handler characterized as a multi-week public attack on Jefferies by Sean Egan.^[11] Handler and the Jefferies management team responded with unprecedented immediacy and transparency, collapsing in a matter of days 75% of a sovereign debt position that had been identified as a problem by Egan to prove the bonds were hedged and highly liquid, sharply reducing the rest of Jefferies balance sheet, and publicly addressing the accusations on an almost daily basis.^[15] This aggressive and unconventional response resulted in an eventual rebound in Jefferies share price.^[11]

On June 21, 2022, the SEC charged Egan-Jones Ratings Company with violating conflict of interest provisions in a set of separate matters in 2018 and 2019, concluding that the firm “failed to establish, maintain, and enforce policies and procedures reasonably designed to manage such conflicts of interest,”^[16] and further, that Egan himself had caused the violations.

Egan-Jones agreed to settle for a $1.7 million penalty and $146,000 of interest and disgorgement, and Egan himself separately settled for a $300,000 penalty; neither party admitted or denied the SEC’s findings.

Rescue of Knight Capital Group edit

In August 2012, Handler played a lead role in saving Knight Capital Group after the company suffered a $440 million loss due to a 'technology glitch.' Together with Brian Friedman, the President of Jefferies Financial Group, Handler structured and led the rescue,^[17] making Jefferies the largest shareholder with a roughly 45% stake in the company.^[18]

Merger with Leucadia edit

In November 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder and a longtime partner of Handler. In March 2013, Jefferies merged with Leucadia,^[19] and Handler became CEO of both companies.^[20] In 2018, Leucadia rebranded as Jefferies Financial Group Inc. to better reflect the company’s business focus.^[21]

In October 2018 Handler was named Board Chair by The University of Rochester Board of Trustees, to which he was first elected in 2005.^[22][23] Previously, Handler was Chairman of the Finance Committee and as Co-Chairman of the university's $1.37 billion Capital Campaign, The Meliora Challenge that concluded in 2016.^[24]

Handler is active on social media where he often runs ‘ask me anything’ sessions on Instagram targeted at the next generation of bankers and traders.^[25][26]

In 2006, Handler and his wife, Martha, established a scholarship program at the University of Rochester. Named the Jane and Alan Handler Scholarship Fund (after his parents), the program provides financial support for undergraduates of diverse backgrounds who meet certain criteria of financial need, overcoming adversity and demonstrating leadership. The scholarship is awarded to one percent of each graduating class and covers all tuition and expenses. ^[24][27]

Handler is also active in conservation efforts through the Wolf Conservation Center, of which his wife presides as president.^[28]

• Jefferies Group LLC official website