Morgan Stanley Spins Off FrontPoint Partners

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The break-up was announced in October but just made official and according to the hedge fund's co-CEO's, they could not be more psyched. "Everyone at FrontPoint is focused on generating investment performance, and we are delighted to be moving forward as an independent entity with Morgan Stanley as our partner," Dan Waters and Mike Kelly wrote in a letter to investors. The split "allows FrontPoint portfolio managers...to operate more independently" and hopefully means more of Steve Eisman bringing the thunder. [Reuters]

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