Who's up next? More deals loom


How does one make sense of the fact that just weeks after the biggest-ever hedge fund blowup, these investment vehicles became the darlings of Wall Street? First Morgan Stanley inked three big deals - with FrontPoint Partners, Avenue Capital and Lansdowne Partners. That was quickly followed by the announcement of an upcoming Fortress Group IPO.

Stock market giddiness is no doubt a factor in all these, as the secular decline in hedge fund returns has apparently been ignored by the buyers. As for the sellers, hedge fund partners are looking for ways to cash in - or at least