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A Morgan Stanley proprietary-trading desk being spun-off as a hedge fund later this year has raised more than $500 million from the Blackstone Group—without giving up a piece of itself.
PDT Partners launched its first fund in June and will fully split from Morgan Stanley by the end of the year, as the bank moves to comply with the Volcker rule, which strictly limits banks’ investments in hedge funds. The New York-based firm plans to launch a second fund with about $1.5 billion in January, Bloomberg News reports.
