(Corrects Chief Executive name in paragraph 4 to Richard Handler from Brian Friedman)
Sept 2 (Reuters) - Investment bank Jefferies Group LLC, owned by Leucadia National Corp, reported a more than seven-fold rise in quarterly profit, helped by higher investment banking revenues.
The bank’s preliminary net profit rose to $82 million for the third quarter ended Aug. 31, from $11.7 million a year earlier. The year-earlier quarter was marked by a huge drop in its fixed-income business.
Total net revenue rose about 62 percent to $835 million, helped by investment banking revenue of $461 million, Jefferies said.
“These record preliminary investment banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business, and solid participation across our industry groups and geographies,” Chief Executive Richard Handler said.
Jefferies, which kicks off the reporting season for investment banks, is often viewed as an indicator of the performance of Wall Street banks such as Goldman Sachs Group Inc and Morgan Stanley.
The preliminary results are being released in advance of Leucadia’s investor meeting on Sept. 3 and final third quarter results are expected on Sept. 16, Jefferies said. (Reporting by Avik Das in Bangalore; Editing by Savio D‘Souza and Simon Jennings)