Morgan Stanley Buys Stake In Hedge Fund Traxis

Nov 14 2007 | 7:25am ET

Morgan Stanley has taken a stake in another hedge fund—its sixth in the past two years—and one run by a familiar face.

The Wall Street giant has bought less than 20% of New York-based Traxis Partners, which was founded by the outspoken Barton Biggs four years ago after he left his post as Morgan Stanley’s chief strategist, the Financial Times reports. Terms of the deal, revealed in a letter to Traxis clients, were not disclosed. Morgan Stanley and Traxis have been in talks about a minority investment since at least the end of the summer.

Traxis, a global macro shop, manages more than $1.5 billion. It is reportedly up 23% year-to-date.

Traxis will reportedly put most of the proceeds into its own funds, and Morgan Stanley is also expected to invest additional capital in the funds.

Last year and this, Morgan Stanley has purchased stakes of varying size in Brookville Capital Management, Lansdowne Partners, Avenue Capital Management, Front Point Partners and Oxhead Capital Management.


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