Morgan Stanley is reportedly requesting to withdraw its investment from Point Bonita under Jefferies

Informed sources say that Morgan Stanley's asset management business has requested to redeem part of its investment in a fund managed by Jefferies Financial Group, which has significant exposure to the trade debt of the bankrupt auto parts supplier First Brands Group. The asset management firm has been negotiating to withdraw part of its invested funds from Point Bonita Capital. They requested anonymity as they were not authorized to discuss the matter publicly. Point Bonita is part of Jefferies' Leucadia Asset Management, and about a quarter of its $3 billion trade finance investment portfolio is allocated to receivables related to First Brands. Other investors, including BlackRock and Texas Treasury Safekeeping Trust Co., have also made requests to withdraw their investments