Morgan Stanley is not done picking up hedge funds, but following this week’s trifecta, don’t expect anything as grand as FrontPoint Partners. Stuart Bohart, chief of Morgan Stanley Alternative Investments, told BusinessWeek that, following the acquisition of FrontPoint, and major minority stakes in Avenue Capital and Landsdowne Partners this week, MS does not intend to make any outright purchases and is looking at perhaps another “four or five more” minority stakes. “FrontPoint was truly one of a kind,” Bohart says, adding that his firm was attracted to it because of its “cultural fit, the exceptional management and the strength of the team.” But, he continues, “You’re not going to see any other 100% large-size purchases from us.” Instead, MS “may buy small funds of around the size of $200 million.” After Frontpoint, says Bohart, “we’re filling in the edge...We’ve covered most of the bases.” The Avenue and Landsdowne 20% and 19% stakes, respectively, are what MS is after for future minority acquisitions. The goal, says Bohart, is “to participate in the growth of firms that are on the cusp of going from being a hedge fund to an investment-management firm.” He notes that potential targets will be those “with multiple products and very solid controls that seek Morgan Stanley’s distribution and infrastructure support and can offer our clients capacity in their underlying funds.” Point of interest about the Landsdowne deal, which reportedly was in the works for a year: According to The Guardian, two of its five hedge funds are managed by former Morgan Stanley employees.