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Tuesday's Headlines: Job Shake-Up, Spinoff Rumored at Morgan Stanley's FrontPoint Fund

Morgan Stanley To Spin Off FrontPoint Partners [CNBC]

FrontPoint Partners has told certain employees they may be let go as Morgan Stanley prepares to spin off the fund it acquired in 2006. FrontPoint reportedly has been interviewing candidates for top positions following the spinoff, which comes in response to the financial reform law's Volcker Rule restriction on banks owning hedge funds.

Big Is Beautiful In Hedge Fund Land, For Now [Reuters BreakingViews]

Despite an ongoing flowering of newly launched hedge fund firms, large established fund companies offer the best career opportunities thanks to their growing dominance. Funds with more than $5 billion under management attracted 92 percent of all new money that came into the fund industry last quarter, according to Hedge Fund Research.

Hedge Fund Merger To Reunite Star Traders [FT]

In one of the largest signposts of consolodation in the hedge fund sector, New York-based giant TPG-Axon and UK event-driven fund Montrica Investment Management agreed to merge. The combination will reunite three former leaders of Goldman Sachs's Principal Strategies group of proprietary traders.

Trading Lifts NYSE Euronext Profit By 25 Percent [Reuters, via NY Times]

While Wall Street institutions reported weaker trading activity last quarter, NYSE Euronext's results show it pays to be on the right side of a trend. Career prospects there and at other big public trading platforms, like CME Group, appear better than ever now that legislation is forcing formerly over-the-counter derivatives to trade on exchanges.

Anderson Strudwick Picks Up Jesup & Lamont Reps [Investment News]

Richmond, Va.-based regional brokerage Anderson Strudwick added nine new offices scattered across the U.S. and 37 reps and advisers, largely from defunct Jesup & Lamont. Two months ago Anderson Strudwick hired 10 Tampa reps who'd worked with GunnAllen Financial, which like Jesup & Lamont also shut this year due to net-capital violations.

Experience on Wall Street? Don't Run For Office. [Fortune]

While regulatory agencies are interested in hiring former Wall Streeters (for now at least), a stint working at an investment bank has quickly become a deal-killer for those seeking public office, as former GOP congressman (and ex-Lehman banker) John Kasich's experience in the current Ohio governor's race illustrates. Might Wall Street ties soon be redefined as toxic for other careers too?

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AUTHORJon Jacobs Insider Comment

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