Wednesday, 23 July 2014
Last updated 4 min 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…