Wednesday, 20 August 2014
Last updated 8 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note