December 18, 2012 / 7:15 PM / in 5 years

U.S. economist Stone buys back research firm from Xinhua

NEW YORK (Reuters) - U.S. economist Raymond Stone bought back his research firm, Stone & McCarthy Research Associates, from the Chinese state news agency, Xinhua, which had put it up for sale after acquiring it in 2004, he said on Tuesday.

When asked, Stone declined to speak about terms of the purchase, which was finalized on Dec 15.

The veteran economist partnered with William Kanto, a former bond manager who joined Stone & McCarthy as a consultant in 2011, in the deal.

“We were up for sale. We wanted our destiny in our own hands,” Stone said. “I will run research, and William will run everything else.”

In 1989, Stone founded the macroeconomic and Fed-watching research firm in Princeton, New Jersey, with Ward McCarthy, who is now the chief financial economist at Jefferies & Co, a broker-dealer firm in New York.

(Reporting by Richard Leong; Editing by Dan Grebler)

This story corrects the name of economist in headline

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