Saturday, 28 March 2015
Last updated 19 hours ago
Nov 1 2006 | 9:57am ET
Another day, another deal. Morgan Stanley has bought a 19% stake in London-based hedge fund firm Lansdowne Partners. It is the third such deal Morgan has made with a hedge fund in as many days.
Lansdowne Partners, which was founded by Paul Ruddock and Steven Heinz in 1998, has $12 billion in assets under management. It is not known how much Morgan Stanley paid for its piece of the firm.
Owen Thomas, president of the Wall Street giant, said in a statement today that the investment fits well with Morgan Stanley’s long-term growth strategy.
While Morgan Stanley may be on a hedge fund shopping spree, the firm’s alternatives unit, which manages approximately $76 billion, is still small potatoes compared to those of its rivals, JPMorgan Chase, Goldman Sachs and Lehman Brothers – something Chief Executive Officer John Mack has repeatedly said he intends to change.
Yesterday Morgan Stanley agreed to buy Conn.-based FrontPoint Partners for approximately $400 million. And on Monday the firm bought an 18% stake in New York-based Avenue Capital Group for almost $280 million.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…