{"id":8879,"date":"2008-10-17T00:00:00","date_gmt":"2008-10-17T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"morgan-stanleys-mack-says-some-hedge-funds-may-fail","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2008\/morgan-stanleys-mack-says-some-hedge-funds-may-fail.html","title":{"rendered":"Morgan Stanley&#8217;s Mack Says Some Hedge Funds May Fail"},"content":{"rendered":"<p>Bloomberg &#8211;&nbsp;Morgan Stanley Chief Executive Officer John Mack said tumbling markets may drive some hedge funds out of business, prompting his firm to &#8220;resize.&#8221; <\/p>\n<p>&#8220;Friends in that community say that by year-end, you&#8217;ll see the number of firms in the hedge-fund area shrink, I&#8217;ve heard as large as 30 percent,&#8221; Mack, 63, told CNBC today. As the industry contracts, &#8220;we need to resize our prime brokerage,&#8221; he said. <\/p>\n<p>Morgan Stanley&#8217;s prime brokerage unit, which lost clients last month after the bankruptcy of Lehman Brothers Holdings Inc. fueled a global bank crisis, is regaining some customers since sealing a $9 billion investment from Mitsubishi UFJ Financial Group Inc., Mack said. <\/p>\n<p>&#8220;Funds that took some of their money, in some cases all their money, are coming back,&#8221; he said. &#8220;Without question those people who pulled out are coming back.&#8221; <\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.bloomberg.com\/apps\/news%3Fpid%3D20601087%26sid%3Dal_b7htcxZWc%26refer%3Dhome\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211;&nbsp;Morgan Stanley Chief Executive Officer John Mack said tumbling markets may drive some hedge funds out of business, prompting his firm to &#8220;resize.&#8221; &#8220;Friends in that community say that by year-end, you&#8217;ll see the number of firms in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1362,1753,3135,646,2668,138,2540,2787,402,96,1517,97,125,3226,1516],"class_list":["post-8879","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-absolute-return","tag-aladdin","tag-architects","tag-arthur-sulzberger","tag-charter-one-financial-inc","tag-east-coast-routes","tag-financial-statements","tag-industry-spokesman","tag-investment-firm","tag-lehman-brothers-holdings","tag-lehman-brothers-holdings-inc","tag-lengthy-prison-terms","tag-qualitative-assessment","tag-quantitative-investment","tag-sailfish-capital-partners-llc"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8879"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8879\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}