Morgan Stanley’s shopping spree — Hedge fund winners and losers — Day in the life of @MrsDowJones

Bill Ackman

Summary List Placement

Just six days after Morgan Stanley closed on its all-stock E-Trade acquisition, the Wall Street bank said it will buy asset manager Eaton Vance in a deal valued at $7 billion. The latest transaction highlights the firm’s big shift in focus under Chief Executive James Gorman.

Rebecca Ungarino took a look at why Morgan Stanley’s bid for the storied asset manager gives it a leg up on rivals and signals more deals to come across the industry. We also mapped 4 asset-management firms that could be the next target, as consolidation pressures mount and other banks likewise look for steady businesses to iron out more volatile activities like trading. 

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More below, including a performance roundup for big-name hedge funds, a deep dive on D1 Capital’s Dan Sundheim,  and the latest on Wall Street job cuts. 

Hedge fund winners and losers

After three-quarters of chaos from the pandemic and upcoming election, hedge funds — on average — are where they started the year: flat. But individual performance is all over the map.

Stock-picking billionaires like Bill Ackman and Lee Ainslie are soaring while quants like Renaissance and Winton struggle. Bradley Saacks gave us a breakdown of how 13 big-name hedge funds are performing.

A day in the life of @MrsDowJones

Haley Sacks, 29, is an Instagram “finfluencer” who runs the @MrsDowJones account on Instagram (162,000 followers and counting.)

From debuting a clothing line to planning to roll out her own financial e-course, Sacks has developed a unique place for herself among the Wall Street and personal finance communities. She walked Business Insider’s Reed Alexander through a typical workday. 

The rise of Dan Sundheim

Dan Sundheim has quickly become an investor to follow since launching his fund D1 Capital after working as the chief investment officer at Andreas Halvorsen’s Viking Global. His investing prowess has become stuff of legends, with D1 returning more than 78% after fees in its public-equity portfolio since it launched about two years ago.

Bradley Saacks and Alex Morrell talked with a dozen of his college classmates, coworkers, and people who’ve invested with him. Here’s how a Wharton whiz kid became the LeBron James of investing, launched one of the hottest hedge funds on earth, and minted a billion-dollar fortune in the process.

Top law firms have been taking VC-style stakes in their own clients including Peloton and Snowflake 

Venture-capital-style investments by law firms and their partners go back decades. Investing in clients has always been somewhat fraught, with some legal-ethics professionals saying it can cloud a lawyer’s professional judgment and lead to conflicts. That’s why firms that do take a stake in clients often take a relatively small one and often just for part of the fees that they charge, with the rest paid in cash.

As Silicon Valley’s growth has continued, recent public …read more

Source:: Business Insider


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