Jefferies International, part of the US middle market investment bank and securities firm whose services include managing long-only convertible funds, has bought 50% of the management company of a convertible arbitrage fund.

Jefferies has acquired half of the Asymmetric convertible fund; the remainder is owned by its directors, Robert Drake and David Moore. The fund was previously backed by Seymour Pierce, the UK broker that has accepted a management buy-out proposal for its investment banking arm and is in talks to sell its asset management business.