Reuters: Private Equity: UPDATE 1-Jefferies profit falls on weak underwriting

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UPDATE 1-Jefferies profit falls on weak underwriting Jun 19th 2012, 12:33 Tue Jun 19, 2012 8:33am EDT June 19 (Reuters) - Investment bank Jefferies Group Inc posted a lower second-quarter profit on weak equity trading volumes and lower earnings from its underwriting business. Asset management fees and investment income from managed funds also fell steeply, by 82 percent to $1.9 million. The midsize investment bank earned $63.5 million, or 28 cents per share, compared with $80.6 million, or 36 cents per share, a year earlier. Revenue fell 2 percent to $711 million. Analysts had expected the company to earn 28 cents per share, according to Thomson Reuters I/B/E/S. As the first investment bank to report earnings, Jefferies is often viewed as an indicator for larger Wall Street firms such as Goldman Sachs Group and Morgan Stanley. Shares of the New-York based company, which have fallen about 6 percent since the beginning of the year, closed at $13.10 on Monday on the New York Stock Exchange.

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