TOPS takes listed vehicles to a new level


Earlier this year, we noted how the long-anticipated wave of M&A activity in hedge funds seemed to be taking longer to get going than many had been predicting - though a smattering of deals outside the United States had been done. There has since been a significant uptick in activity, with Morgan Stanley's major moves to seal three landmark deals in barely a week - the complete acquisition of FrontPoint Partners, plus minority stakes first in Avenue Capital in the United States and then in Lansdowne Partners in the United Kingdom. Around the same time, Fortress Investment Group