Morgan Stanley has bought a minority stake in London-based hedge fund Lansdowne Partners - putting an £800m price tag on the firm, reports the Telegraph.
The paper says the bulge-bracket bank is understood to have paid close to $300m (£157m) for a 19% stake in Lansdowne, which was founded in 1998 by Paul Ruddock and Steven Heinz. The sale places a value on Lansdowne for the first time. A Cayman Islands-based company owns the hedge fund. Its shareholders are not disclosed, but it is thought to be controlled by Ruddock and Heinz. Morgan Stanley has bought into the partnership group. It is impossible to know the share split between the partners and the founders, but all 16 partners are now multi-millionaires on paper. The purchase by Morg...
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