Tuesday, 23 September 2014
Last updated 13 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.