Hedge fund winners and losers — Morgan Stanley's shopping spree
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Meredith Mazzilli
Oct 10, 2020, 20:01 IST
REUTERS/Brendan McDermid
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Just six days after Morgan Stanley closed on its all-stock E-Trade acquisition, the Wall Street bank said this week that it will buy Eaton Vance in a deal valued at $7 billion.
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.
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.
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.
Large private-equity firms are feeling pressure to sell assets before year-end to take advantage of a business-friendly tax regime they fear could change in 2021.
The thinking is that if Joe Biden is elected president and there is a Democratic majority in Congress, it will unleash a wave of larger taxes on corporations and wealthy individuals who manage them. And if Donald Trump remains in office, experts said that taxes may very well increase so that the government could fund COVID relief efforts.
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