Tuesday, 5 May 2015
Last updated 4 hours ago
Nov 9 2010 | 12:33pm ET
Morgan Stanley was loathe to take a loss on its sale of a majority stake in FrontPoint Partners to the firm's management, but that's exactly what the bank is doing.
Morgan Stanley said it expected to take a $70 million pre-tax loss on the FrontPoint spin-off, or 17.5% of the $400 million it paid for the $7 billion firm in 2006. The firm is retaining a stake in the hedge fund, giving it a piece of FrontPoint's profits as it seeks to recoup its investment over the next five years.
Terms of the deal were not disclosed, but the management buyout is expected to be completed by the end of the year.
Morgan Stanley also said it planned to "repatriate" the more than $300 million of seed capital it still has invested with Greenwich, Conn.-based FrontPoint.
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…