Morgan Stanley Pays High Price To Keep Barton Biggs, Says Financial Times

The Financial Times today reports on the tug of love between Morgan Stanley and Front Point Partners, the hedge fund group run by former Morgan Stanley executives, over custody of former Morgan Stanley investment guru Barton Biggs. Acording to the report, Morgan Stanley has paid a high price to persuade Biggs to stay with the firm, offering not only to cover expenses at the new hedge fund he is setting up (Traxis Partners) but to help him raise funds for it too. Biggs had earlier announced his intention to retire from Morgan Stanley in order to start the Traxis Partners hedge fund.