Morgan Stanley to Spin-Off FrontPoint Partners
| August 5th, 2010 | ||
| Morgan Stanley plans to spin off hedge fund Front Point Partners, which the firm acquired in 2006. According to CNBC, the decision was made after John Mack resigned his CEO position, which is now held by James Gorman. Mr. Mack was a key source of support for the Front Point acquisition, and his loss coupled with the Dodd-Frank financial reform bill sealed the firm’s decision. FrontPoint was the most important deal in a 2006 buying spree of hedge funds by Morgan Stanley, then under John Mack’s leadership. At that time, Front Point had about $5.5 billion in assets under management. In addition, a number of executives at the firm received prominent positions at Morgan Stanley after the acquisition. | ||
For Detailed Investor Profiles on these Investors, click below: |
FrontPoint Partners |
Related People: Daniel Waters;
Related Entities: FrontPoint Consumer and Industrials;
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; Hedge Fund Jobs, Hirings and Firings
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