Wednesday, 22 October 2014
Last updated 7 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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