NOBODY COULD accuse Morgan Stanley’s staffers of ignoring the boss. Late last year, Chief Executive Officer John Mack said he wanted to expand into hedge funds.
Now they have delivered. The second-largest U.S. investment bank by market value has just spent almost $1 billion buying stakes in three hedge-fund management firms. Even for an organization like Morgan Stanley, that is a sizable bet to make on the future shape of the financial-services industry.
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