FrontPoint Replaces Parent Morgan Stanley As Prime Broker

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.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.