Saturday, 23 May 2015
Last updated 14 hours ago
Jul 16 2009 | 11:02am ET
So much for family ties: FrontPoint Partners has dumped Morgan Stanley as prime broker to one of its funds, despite the fact that the Wall Street bank has owned the hedge fund for the past two years.
Rival UBS has taken over prime brokerage duties for FrontPoint’s offshore European fund, the hedge fund said yesterday.
A source close to Morgan Stanley told Wealth Bulletin that the move to UBS was less a reflection on the quality of Morgan Stanley’s prime brokerage services and more a concession to industry best practices, removing the potential for a conflict of interest.
“As a parent company, you can’t also be prime broker to the funds,” the source said.
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…