Wed, Jul 23, 2014
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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  3. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  4. Opalesque Roundtable: European family offices struggle to retain their investments in offshore hedge funds[more]

    Komfie Manalo, Opalesque Asia: The European Union’s Alternative Investment Fund Managers Directive (AIFMD) will constrain investment opportunities amidst concern a number of U.S. fund managers will stop marketing their products in the European Union under the new rule, said Valentin Bohländer fro

  5. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm