Morgan Stanley

Morgan Stanley and Ascend Capital Launch UCITS III Fund

May 13, 2011

Fund launched on Morgan Stanley’s FundLogic Alternatives Plc

London —


Morgan Stanley (NYSE: MS) today announced the launch of a new fund under its Ucits Irish Umbrella, FundLogic Alternatives. San Francisco based Ascend Capital, LLC, which runs approximately US$3.2 billion, has been appointed investment manager to the MS Ascend UCITS Fund with Morgan Stanley acting as promoter.

The new fund, an opportunistic U.S. focused long/short equity strategy will seek to maximize gains and minimize volatility over an extended period of time, while generating alpha on both the long and short side of the portfolio.

Commenting on the new launch, David Armstrong, Managing Director and Global Head of Fund-Linked business at Morgan Stanley said, “Our collaboration with Ascend Capital provides investors with an excellent opportunity to participate in a renowned strategy, benefiting from an impressive track-record of over eleven years. This new fund will be managed in a similar way to the 2010 Morningstar 5 star Ascend Partners Fund II, Ltd.” Armstrong added, “This new addition to our FundLogic Alternatives Platform is further proof of our commitment to provide investors with a wide range of UCITS funds gathering talented investment managers. Ascend Capital is an accomplished long/short equity manager, rewarded for its ability to generate superior and consistent risk adjusted returns.”

“We are pleased to join forces with Morgan Stanley to offer a new path to our investment strategy” said Malcolm Fairbairn, Chief Investment Officer and Founder of Ascend Capital, LLC. “We believe our rigorous bottom-up investment process, combined with the extensive proprietary fundamental processes developed over the past 16 years, allows us to identify the best risk/reward ideas.”

“Our strategy fits well within the UCITS framework and through the launch of this new fund, we are delighted to be able to deliver our expertise to the UCITS investor community”, said Ben Slavet, Chief Financial Officer of Ascend Capital, LLC. “Morgan Stanley was an obvious partner, as it has rapidly established itself as one of the leading providers of alternative strategies in a UCITS format. We highly regard its solid operating framework and sound risk management.”

FundLogic is the platform brand name for Morgan Stanley fund solutions launched in 2006.

It can offer both Ucits and non-Ucits Funds on a global basis. The platform delivers fund solutions to clients by combining the financial expertise, innovation and resources of Morgan Stanley and offers a range of products including simple Index Funds, Structured Funds and the more recently launched Third Party managers Ucits Funds.

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Fund Details:

Fund Name: MS Ascend UCITS Fund

Umbrella Fund: FundLogic Alternatives Plc

Funds domicile: Ireland

Investment Manager: Ascend Capital, LLC

Promoter: Morgan Stanley & Co International Plc

Liquidity: Weekly

Custodian: Northern Trust Fiduciary Services (Ireland) Limited

Administrator: Northern Trust International Fund Administration Services (Ireland) Ltd


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Applications for shares in any sub-fund of the FundLogic Alternatives plc (the “Fund”) should not be made without first consulting the Fund’s current Prospectus, Simplified Prospectus, Annual Report and Semi-Annual Report (“Offering Documents”), or other documents available in your local jurisdiction which are available free of charge from Morgan Stanley & Co International plc.

THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS AT ANY TIME (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933 OR THE U.S. INTERNAL REVENUE CODE).  The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State in the United States, and may be subject to U.S. tax requirements.  The Securities may not be offered, sold, transferred or delivered without compliance with all applicable securities laws and regulations.


Media Relations Contact: Sebastian Howell, +44.20.7425.5324