Morgan Stanley executives view the restructuring not as a reaction to the financial overhaul but as part of the bank's recovery since the financial crisis, and as part of the reorganization of its asset management business that was set in motion by the new chief executive, James P. Gorman. The move would represent something of a break with the era of John J. Mack, Morgan Stanley's chairman, who pushed the bank into areas like hedge funds. But even if Morgan Stanley spins off FrontPoint, it will still own minority stakes in several other hedge funds.