Morgan Stanley is looking to sell its stake in both London-based Lansdowne Partners LLP and New York-based Avenue Capital Group, a source told Reuters on Sunday.Last February, speaking at the Credit Suisse Financials Conference, Greg Fleming, president of Morgan Stanley Investment Management, said the firm was winding down its investments in hedge funds and that it was not part of Morgan Stanley's long term strategy.The source spoke on condition of anonymity because the talks are confidential.Morgan Stanley's bankers have narrowed down a list of possible buyers interested in its 19 percent stake in Lansdowne, including Boston-based Affiliated Managers Group Inc, Greenwich, Connecticut-based Foundation Capital Partners and Neuberger Berman's Dyal Capital, according to The Wall Street Journal.
Affiliated Managers Group, Inc. (AMG) is a global asset management company with equity investments in a diverse group of boutique investment management firms (Affiliates). Shares of AMG traded higher by 0.71% or $1.51/share to $214.45. In the past year, the shares have traded as low as $174.43 and as high as $216.49. On average, 412142 shares of AMG exchange hands on a given day and today's volume is recorded at 426249.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 2.46% or $0.86/share to $35.79. In the past year, the shares have traded as low as $28.31 and as high as $39.19. On average, 10288500 shares of MS exchange hands on a given day and today's volume is recorded at 17087432.
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