Morgan Stanley's Hedge Fund Shopping Spree Not Over

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.