They were willing to 'em a chance, but no more.
Morgan Stanley Wealth Management has become the second major brokerage to drop hedge fund manager John Paulson's Advantage and Advantage Plus Funds from their retail offerings, CNBC has learned. The move was not expected. Back in May, put the funds on "watch" because of their poor performance. In an email sent to the unit's financial advisers on Tuesday, it changed the status of the funds to "redeem" from "watch," telling clients they should redeem their holdings in the funds. Morgan Stanley cited the poor performance of the funds as the reason behind its decision... The source said other Paulson funds continue to be offered by Morgan Stanley Wealth Management.