Tue, Feb 20, 2018
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. Chenavari, a $5.4bn hedge fund, told investors it thinks 'we could experience a similar pattern as the 1987 crash'[more]

    From Businessinsider.com: A $5.4 billion hedge fund told clients markets could tumble just like they did in the 1987 crash. In a February 14 letter to clients, London-based Chenavari Investment Managers warned about current market conditions. From the letter (emphasis added): "Our view is that

  2. Investing - Hedge fund Bridgewater makes $22 billion bet against European firms, Hedge funds Steadfast and Suvretta jump onto CSX in fourth quarter, Tepper's Appaloosa boosts Apple, Facebook as others bolt, Third Point buys Netflix and MGM, dumps Bank of America, Moore Capital bought Wynn Resorts, other casino stocks before Steve Wynn resigned[more]

    Hedge fund Bridgewater makes $22 billion bet against European firms From Reuters/USNews.com: Bridgewater has shown its hand in Europe with a $22 billion bet against some of the continent's biggest companies, filings reviewed by Reuters show, part of a bigger shift by the world's largest

  3. Funds Profiles - Brother-run hedge fund up 46% in 2017 says Kelly formula shows diversification is flawed, How a 6,000% profit on a single trade saved a small hedge fund from disaster[more]

    Brother-run hedge fund up 46% in 2017 says Kelly formula shows diversification is flawed From Valuewalk.com: When Jeremy and Michael Kahan consider the notion of diversification, the wince. With a return of 45.8% to end 2017, their stock-picking fund, North Peak Capital, successfully

  4. Investing - Hedge funds hook shipping stocks grappling for recovery, Small cap hedge funds offer alternative for cannabis investing, Top stock-picking hedge funds love gaming, health care and media shares, Hedge funds Steadfast and Suvretta jump onto CSX in fourth quarter[more]

    Hedge funds hook shipping stocks grappling for recovery From Hellenicshippingnews.com: Shipping stocks may still be in the doldrums in the view of many investors, but hedge funds have bet at least $675 million on signs of renewed buoyancy in the industry. Hedge funds made initial f

  5. Art & Motion launches collectible car alternative investment vehicle[more]

    Komfie Manalo, Opalesque Asia: Luxembourg-based Art & Motion has launched a new investment vehicle dedicated to vintage cars and exceptional high-quality vehicles as this collectible market has grown exponentially the turn of the centu