Hedge Funds

Morgan Stanley acquires Brookville

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Morgan Stanley's hedge-fund buying spree continued this week with the acquisition of substantially all of the assets of New York's Brookville Asset Management. Morgan has also hired Brookville's investment team.

Brookville, a long/short credit manager with roughly $221 million in assets, is Morgan Stanley's fourth hedge fund acquisition since October. After months of on-again, off-again negotiations, Morgan agreed in late October to acquire FrontPoint Partners. On the heels of inking that agreement, the firm announced that it was purchasing stakes in Avenue Capital Management and Lansdowne Partners.

According to an internal memo, Brookville was founded in August 2002 by David