UPDATE: FrontPoint Buys Stakes In J.P. Morgan, Seagate - Filing
14 Febbraio 2011 - 10:10PM
Dow Jones News
FrontPoint Partners, which late last year became involved in an
insider-trading probe related to a clinical drug trial, bought new
stakes in Seagate Technology Inc. (STX) and J.P. Morgan Chase &
Co. (JPM), according to a securities filing Monday.
FrontPoint reported new stakes of 1.1 million shares of Seagate
and about half a million shares of J.P. Morgan during the fourth
quarter. Its new stakes in Seagate Technology and J.P. Morgan are
valued at about $15.2 million and more than $24 million,
respectively, as of Friday's close.
The Greenwich, Conn.-based hedge-fund firm, which is owned by
Morgan Stanley (MS), has been wrestling with fallout from the
insider-trading probe for the past several months. The firm is also
facing the possible departure of high-profile hedge-fund manager
Steve Eisman, whose profitable 2007 bet that the housing market
would collapse was chronicled in the book "The Big Short." The Wall
Street Journal last month reported that Eisman was considering
leaving.
In early November, prosecutors accused a French doctor of
illegally alerting a fund manager with insider information about a
clinical drug trial. FrontPoint has laid off the manager, Joseph F.
Skowron III, and the rest of the health-care team. Morgan Stanley
and FrontPoint have said they are cooperating with authorities and
haven't been accused of wrongdoing.
Because of the probe, FrontPoint shed stakes in many health-care
stocks during the fourth quarter. Among the health-care positions
eliminated were 1.9 million shares of GlaxoSmithKline PLC (GSK) and
1.3 million shares of Aetna Inc. (AET)
FrontPoint also disclosed it eliminated its positions in
MasterCard Inc. (MA) and Visa Inc. (V)
Morgan Stanley said in October it planned to spin off
FrontPoint. As part of the agreement, which was expected to close
in the fourth quarter, FrontPoint's senior management and portfolio
managers would own a majority equity stake. The insider-trading
probe sent the plan into disarray.
Many investors who manage more than $100 million are required to
disclose most securities holdings within a month and a half of the
end of a quarter. The filings give the public a relatively fresh
look at the portfolios of well-known investors.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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