Jefferies Financial Group’s asset-management unit reported US$85.6 million in net revenue for the fiscal third quarter, down from almost US$177 million a year earlier, as weaker investment returns and exposure to troubled First Brands Group and Radiant World weighed on results. The unit’s Point Bonita fund is managed through Leucadia Asset Management. Jefferies did not record a writedown on its Radiant World investment, and Morgan Stanley analysts said bearish investors expect additional marks. The firm’s exposure to Radiant World was less than US$300 million, Bloomberg previously reported. Elsewhere, investment-banking revenue rose 17% to US$1.3 billion, helped by gains of 25% in advisory and 69% in equity underwriting. Overall revenue from equities rose 29% to US$626 million, supported by cash and electronic trading and prime services (brokerage services for hedge funds). Fixed-income trading revenue fell 26% amid a sluggish market. Earnings per share reached US$1.08, above the US$1 average analyst estimate in a Bloomberg survey. Jefferies shares fell less than 1% in early New York trading on Sept. 29, extending their 2026 decline to 24%. The company is repositioning its asset-management platform by reducing capital allocated to certain funds after announcing in 2025 its intent to acquire and fund a 50% interest in Hildene Holding Co. Jefferies, the first major US bank to report third-quarter results, said it was optimistic about the balance of 2026 and momentum entering 2027.