Monday, 29 December 2014
Last updated 2 hours ago
Jan 20 2011 | 1:06pm ET
Buying FrontPoint Partners cost Morgan Stanley $400 million. Selling the hedge fund hasn't come much cheaper.
Morgan Stanley said is took a $126 million charge from the October spin-off. In November, the firm said it expected to take a $70 million pre-tax loss on the sale of the $7 billion hedge fund.
Terms of the spin-off were not disclosed. But Morgan Stanley did retain a sizeable minority stake in FrontPoint and hopes its share of the fund's profits will help it offset the amount it paid for the firm.
The FrontPoint charge was revealed as Morgan Stanley said it posted a 35% jump in fourth-quarter profit.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.