Jefferies Posts Record Quarter

Asset management-related revenue jumped 127% in the fourth quarter as the broker beats expectations.
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Jefferies Group

(JEF) - Get Report

Wednesday reported a record fourth-quarter profit, led by its investment banking and asset management businesses.

The New York-based financial services company earned $35.4 million, or 55 cents a share, vs. $30.6 million, or 55 cents a share, a year ago. Revenue was up 12% to a record $325.3. Analysts expected the company to earn 52 cents a share, according to Thomson First Call.

Investment banking revenue rose more than 7% to a record $105.7 million, while asset management-related revenue jumped 127% to a record $27.2 million. Trading revenue, however, fell to $139.1 million from $150 million in the fourth quarter of 2003.

Shares closed at $40.16 Tuesday.