Morgan Stanley's asset management business has requested to redeem some of its investment in a Jefferies Financial Group fund with significant exposure to trade debt of bankrupt auto parts supplier First Brands Group, according to people familiar with the matter.

The asset manager has been in talks to withdraw some of its invested capital from Point Bonita Capital, these people said. They requested anonymity because they were not authorized to discuss the matter publicly.

Point Bonita, a unit of Jefferies' Leucadia Asset Management, has about a quarter of its $3 billion trade finance portfolio in receivables related to First Brands.

Other investors, including BlackRock and Texas Treasury Safekeeping Trust Co., have also requested divestments, media reports previously reported.

These partial redemption requests have been made in recent weeks as the auto parts supplier's financial condition deteriorated. First Brands filed for bankruptcy on September 28, these people said.

Spokespeople for Morgan Stanley and Jefferies declined to comment.