Morgan Stanley Managed Futures Funds Fall In '11

Mar 29 2012 | 11:56am ET

Last year was not a good one for Morgan Stanley's managed futures funds.

Five of the Morgan Stanley Smith Barney's managed futures funds lost money last year, with total market losses of $79.1 million. Most of that amount came out of Spectrum Select, the largest fund, which fell 17.9% in 2011.

The average loss for the six was 9.5%, more than twice the decline of the Dow Jones Credit Suisse Management Futures Hedge Fund Index. The losses led Ceres Managed Futures, the Morgan Stanley subsidiary that oversees the fund, to fire two underlying managers, John W. Henry & Co. and Sunrise Capital Partners, last year. The fund managed by those two firms, the former Spectrum Currency, lost 9.8% last year.

Ceres has renamed the fund Spectrum Currency and Commodity.

All six of the funds were hit by investor redemptions; Spectrum Select saw $55.2 million pulled during the year, Morgan Stanley said.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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