Saturday, 28 March 2015
Last updated 1 day ago
Feb 3 2010 | 7:45pm ET
Morgan Stanley is considering its options regarding its stake in several hedge fund firms, its CEO said.
James Gorman told investors at a conference in New York that the Wall Street giant was “evaluating” its stakes in Avenue Capital Group, Lansdowne Partners and Traxis Partners, as well as its ownership of FrontPoint Partners. Gorman, who succeeded John Mack as CEO last month, did not specify what options the firm was evaluating.
Gorman’s comments follow his announcement last month that incoming Morgan Stanley Investment Management chief Greg Fleming would examine the firm’s ownership of the hedge fund managers.
Last month, President Barack Obama unveiled a plan to bar bank holding companies from owning, investing in or sponsoring hedge funds and private equity funds. Morgan Stanley, which became a bank holding company in 2008 to become eligible for federal bailout funding, is the sixth-largest bank in the U.S. by assets, and owns minority stakes in six hedge fund managers, in addition to FrontPoint, which it bought in 2006.
Last month, The Wall Street Journal reported that FrontPoint’s leaders were mulling a management buyout of the Connecticut firm.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…