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Morgan Stanley’s asset-management arm has asked to redeem part of its investment in a Jefferies Financial Group fund, according to people familiar with the talks. The money was placed with Point Bonita Capital, a Jefferies unit within Leucadia Asset Management. Sources said Point Bonita had roughly a quarter of its $3 billion trade-finance portfolio tied to receivables linked to bankrupt auto-parts supplier First Brands Group. Discussions continue over pulling some funds, the people said.

Prepared by Christopher Adams and reviewed by editorial team.