FrontPoint’s management team takes control, Morgan Stanley to retain a minority stake

October 22nd, 2010
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Four years after it purchased multi-strategy hedge fund manager FrontPoint Partners LLC, Morgan Stanley has announced that it will relinquish its majority stake in the firm. According to Bloomberg, FrontPoint’s co-CEOs Daniel Waters and Michael Kelly are leading the hedge fund firm’s management team as they purchase a controlling stake from the bank.

FrontPoint Partners was founded in 2000 by Tiger Management veterans Philip Duff and Gil Caffray, and current co-CEO Mike Kelly, who is also a former Tiger manager. Morgan Stanley purchased its stake in FrontPoint for $400 million in 2006, and will retain a minority stake in the hedge fund. FrontPoint currently has $7 billion in assets under management.
For Detailed Investor Profiles on these Investors, click below:
FrontPoint Partners
Related People: Daniel Waters; Gil Caffray*; James G. Webb; Michael John Kelly; Paul Ghaffari*; Philip Duff*
Related Entities: FrontPoint Consumer and Industrials; FrontPoint Financial Services; FrontPoint Healthcare; FrontPoint Quantitative Macro; FrontPoint Volatility Opportunities; Morgan Stanley Investment Management
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions


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