In for a pound

Morgan Stanley boss John Mack has taken the concept of contrarian investment to a new level. It started early last year when the bank began raising a $6bn private equity fund. That bucked the trend, as most banks had already abandoned proprietary leveraged buyout endeavours. Morgan Stanley itself got out of the business four years earlier under Mack’s predecessor. Showing its commitment to come back strong, the bank moved one of its top European bankers over to jointly run the fund. It also hir...