FOR IMMEDIATE RELEASE

Jefferies Asset Management Hires Chief Investment Officer

Thomas Witz To Help Continue Growth of Asset Management Business

NEW YORK--(BUSINESS WIRE)--Nov. 22, 2005--Jefferies Asset Management, LLC ("JAM"), a subsidiary of Jefferies Group, Inc. (NYSE: JEF - News), today announced that Thomas D. Witz has joined JAM as Chief Investment Officer. Mr. Witz was previously Managing Director, Investments and Trading at Paloma Partners Management Company, where he worked for nearly 12 years. His most recent responsibilities at Paloma included recruitment and oversight of portfolio managers, and he was previously Managing Director in charge of Risk Management.

"We are extremely pleased to have Tom Witz join Jefferies Asset Management. Tom's extensive experience will help further our goal of building an asset management business with a broad range of innovative products and strategies," commented Bradford L. Klein, Co-President of Jefferies Asset Management.

Richard B. Handler, Chief Executive Officer of Jefferies Group, Inc., added, "Asset management is an important growth area for Jefferies, and Tom Witz is a valuable addition to this effort."

About Jefferies

Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for over 40 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. (NYSE: JEF; www.jefferies.com).

Contact:
Jefferies & Company, Inc.
Tom Tarrant, 203-708-5989
ttarrant@jefferies.com

Source: Jefferies Asset Management, LLC