Three small funds on Morgan Stanley's hedge fund platform have been liquidated in recent months, including Roger Ibbotson's Zebra U.S. Equity Long/Short Fund. When launched in February 2005, Zebra was just the second hedge fund on the Morgan platform, the first being Barton Biggs's Traxis Partners, which now runs about $1.3 billion.
The closures total about $81 million. The move comes as Morgan Stanley is ramping up its hedge fund business considerably. In the past year, the firm has acquired FrontPoint Partners, Brookville Asset Management and Oxhead Capital Management and has taken stakes in Lansdowne Partners, Avenue Capital Group