Jefferies' record equities haul offsets asset management slump

Jefferies Financial beat third-quarter profit estimates ​on Monday, as higher fees from advising ​on deals and underwriting stock ‌sales were ​complemented by a record haul in equities trading business.

Its asset management business, however, took a hit, with fees and investment return ‌revenue shrinking to $34 million from $84 million a year earlier. That reflects weaker performance across several fund strategies, including Point Bonita, which had exposure to bankrupt auto-parts supplier First Brands.