Morgan Stanley makes building a hedge fund business look as easy as 1-2-3. That’s how many days it’s taken the investment bank to accelerate the growth of its hedge fund business. No sooner had the newsprint dried on the announcement that Morgan Stanley was acquiring FrontPoint Partners, just a day or so after it signed on for a stake in Avenue Capital, the investment bank apparently is in the process of inking a deal with yet another hedge fund. This time it’s a 19% chunk of London-based Landsdowne Partners, Europe’s fourth-largest hedge fund with $12 billion AUM. “This further demonstrates our commitment to build a market-leading alternatives business,” Owen Thomas, president and chief operating officer of Morgan Stanley Investment Management, said in an emailed statement. “This investment fits well with the long-term growth strategy we have outlined.” And the moves are fulfilling the promise made by John Mack, when he became CEO of Morgan Stanley, to build up a hedge fund business that rivals that of Goldman Sachs and others. But, as FTAlphaville posits, why is MS just acquiring minority stakes in existing hedge funds and why isn’t the firm creating its own? The answer to the second half of the question may be easier to figure than the first half and can be summarized in three words: Get big quick.