Morgan Stanley has signed a definitive agreement to acquire
19% of London-based Lansdowne Partners as part of a flurry of
hedge fund investments by the US investment bank this week.
In the last three days the firm has also announced that it
is buying a minority stake in Marc Lasry's New York-based
Avenue Capital and plans to acquire the whole of FrontPoint
Partners, also based in the US.
Morgan Stanley has had a very close relationship with
Lansdowne since the firm's launch in 1998, acting as main prime
broker to all of Lansdowne's five hedge funds - covering
European equity, UK equity, global financials, macro and, most
recently, emerging markets.
Set up by founding partners Steve Heinz and Paul Ruddock
eight and a half years ago, the firm has grown into one of
London's pre-eminent hedge fund firms - with a reputation for
savvy and punchy long-term investment...