NEW YORK (Reuters) -Morgan Stanley’s asset management unit asked investment bank Jefferies to return some money it invested in the latter bank’s Point Bonita Capital fund, according to a person familiar with the situation. Point Bonita had a large exposure to bankrupt U.S. auto-parts supplier First Brands. BlackRock and Texas Treasury Safekeeping Trust are among […]
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Morgan Stanley seeks to redeem cash from Jefferies’ Point Bonita fund, source says
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NEW YORK (Reuters) -Morgan Stanley’s asset management unit asked investment bank Jefferies to return some money it invested in the latter bank’s Point Bonita Capital fund, according to a person familiar with the situation.
Point Bonita had a large exposure to bankrupt U.S. auto-parts supplier First Brands.
BlackRock and Texas Treasury Safekeeping Trust are among the other investors that have made partial redemption requests, said the source, who declined to be identified discussing private talks.
Morgan Stanley declined to comment, while BlackRock and Texas Treasury Safekeeping Trust did not immediately respond to requests for comment.
Shares of Jefferies were down 8% in after hours trading.
The redemption request was reported earlier by Bloomberg News.
(Reporting by Lananh Nguyen and Saeed Azhar in New York; Editing by Chris Reese)