Tuesday, 4 August 2015
Last updated 4 hours ago
Oct 31 2006 | 11:29am ET
Just a day after agreeing to pay about $300 million for about 20% of New York-based hedge fund Avenue Capital Partners, Morgan Stanley consummated its long-running courtship of FrontPoint Partners.
The Wall Street giant confirmed today that is has agreed to acquire FrontPoint Partners for an undisclosed sum, though some insiders say Morgan Stanley is shelling out about $400 million for the $5.7 billion Greenwich, Conn.-based firm. The two sides have been talking about an acquisition for about a year.
FrontPoint is headed by former Morgan Stanley CFO Philip Duff, and features several other Morgan alums among its staff. In addition, the man charged by Morgan CEO John Mack with building the Wall Street giant’s alternatives business, Stuart Bohart, formerly worked at FrontPoint.
FrontPoint has $5.5 billion in assets under management as of October 1, 2006. The transaction is expected to close in December 2006.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…