Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…