(Reuters) -Jefferies’ fund caught up in the collapse of auto parts maker First Brands is separate from its investment banking business, its top executives said at the bank’s investor day.

“The Point Bonita fund in asset management sits absolutely separate, distinct and apart from whatever happens in investment banking. Kind of Chinese Wall 101,” Jefferies President Brian Friedman said at the event held on Thursday.

“The two have absolutely no relationship and, in fact the decision in 2019 of the asset management Point Bonita team to engage with First Brands, was absolutely away from independent and disconnected from anything on the investment banking side,” he said, according a regulatory filing released on Friday.

The collapse of First Brands, just days after subprime lender and dealer

See Full Page