Another day, another deal to buy a hedge fund firm. Morgan Stanley's purchase of Brookville Capital Management marks its fourth hedge fund deal in two months. It may not be done. Brookville isn't exactly a household name, but it manages $221 million, with a specialty in credit arbitrage. It was started in August 2002 by former Bankers Trust employees. So John Mack has made good on his word to jump into asset management in a big way, but none of this guarantees that Morgan Stanley will reign. Returns and profits could turn around quickly. So what may seem like a great deal today may not be tomorrow. Then again, this is par for the course for any alternative investment deal.

Read more on Morgan Stanley's fund shopping:
- in an update from MarketWatch