December 19, 2017 / 11:56 AM / a year ago

Jefferies Group profit rises 3 percent on investment banking boost

(Reuters) - U.S. investment bank Jefferies Group LLC [JGLL.UL] said on Tuesday its profit rose 3.1 percent in the fourth quarter, helped by its investment banking business.

Net income attributable to the company rose to $90 million in the quarter ended Nov. 30, from $87.2 million a year ago.

Jefferies said revenue from its investment banking business, which advises companies on debt and equity financing as well as mergers and acquisitions, jumped 27.4 percent to $528.7 million.

However, trading revenue remained subdued due to persistently low volatility, which also hurt most Wall Street banks in the previous quarter.

Total equities and fixed income revenue fell to $289 million from $325.4 million a year earlier, when volatility was higher due the U.S. presidential election and the Brexit vote.

Jefferies said net revenue, which excludes interest expense, jumped 10.9 percent to $822.6 million in its latest quarter.

The company had $39.71 billion in total assets at the end of the quarter.

The results from New York-based Jefferies, a unit of Leucadia National Corp LUK.N, are considered an indicator of the performance of its bigger peers on Wall Street.

Reporting By Aparajita Saxena in Bengaluru; Editing by Savio D'Souza

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