MSIM Takes 18% Stake In Hedge Fund

Oct 30 2006 | 10:59am ET

Morgan Stanley Investment Management has bought a minority stake in New York-based hedge fund Avenue Capital Group. MSIM will reportedly pay $280 million for 18% of Avenue.

Under the arrangement with MSIM, Avenue will remain an independent firm and continue to be led by its current management team, which includes founder Marc Lasry, formerly a manager at Amroc Investments and Acadia Partners.


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