(Reuters) -Jefferies Financial Group ( JEF ) said on Sunday its exposure to bankrupt auto parts maker First Brands Group is limited and any potential losses will be "readily absorbable".

First Brands, which makes filters, brakes and lighting systems for the automotive industry, filed for bankruptcy protection last month after its lenders began investigating irregularities in the company's financial reporting.

Jefferies said its total indirect exposure to First Brands could lead to some financial losses over time, including about $43 million through its Point Bonita fund and about $2 million tied to First Brands' bank loans via its Apex platform.

Financial firms exposed to First Brands include Jefferies, which disclosed $715 million in exposure through Leucadia Asset Management, and UBS, which is assessing its exposure on more than $500 million tied to the company.

Reuters reported last week that Morgan Stanley's ( MS ) asset management unit had asked investment bank Jefferies to return some money it invested in the latter bank's Point Bonita Capital fund, citing a person familiar with the situation.

Shares in Jefferies fell 8% in after-hours trading on Friday.

(Reporting by Devika Nair in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)