Sun, Aug 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

FrontPoint Partners restructures relationship with Morgan Stanley - bank will retain minority stake in firm

Wednesday, October 20, 2010
Opalesque Industry Update - FrontPoint Partners LLC (“FrontPoint”), which was acquired in 2006 by Morgan Stanley (NYSE: MS), today announced a restructuring of its relationship with Morgan Stanley whereby FrontPoint portfolio managers and senior management, including Co‐Chief Executive Officers Daniel Waters and Michael Kelly, will collectively own a majority of the equity ownership interests in FrontPoint.

Under the terms of the agreement, Morgan Stanley Investment Management (“MSIM”) will retain a minority equity stake in FrontPoint. No other terms were disclosed. The restructuring is subject to customary closing conditions, and is expected to close in the fourth quarter of 2010.

“During the last four years we have continued to expand our investment capabilities, assets under management and investor base,” said Mr. Waters. “We have worked very closely with MSIM’s senior management on restructuring the FrontPoint relationship with Morgan Stanley to ensure that FrontPoint is best positioned to continue to deliver returns for our investors.”

Added Mr. Kelly, “As we enter our second decade, FrontPoint will remain focused on delivering absolute returns with wide‐ranging and attractive investment opportunities for our investors. We will continue to add investment teams that complement our existing strategies.”

FrontPoint Senior Portfolio Manager Steven Eisman commented, “I am especially pleased that my fellow portfolio managers support the restructuring of our relationship with Morgan Stanley, and that the FrontPoint investment culture will not change.”

(press release)

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner