iphoto effect

Yes it does but it's lacking the seemingly most popular effect, Sepia. You get to the effects and other eating tools this way:

Select which type of editing you want to do at the right of the image in the Edit window.

The effects are now called Filters:

For the Adjust section click on the Add button and check all of the tools you want displayed;

Tell Apple what missing features you'd like restored or new features added in Photos via https://www.apple.com/feedback/photos.html.

. I cant remember the name of the effect but its the one that fades the four corner of the photo like a circle.......

You're looking for the "Matte" Effect. That is missing in Photos. In Photos you have only the vignette in the additional adjustments, that darkens the corners.

Use iphoto to apply the Matte and then import the edited photo to Photos. iPhoto 9.6.1 works well with Yosemite. Update to that version if you have not already done. so.

See this user tip:

Get iPhoto 9.6.1 if you didn't update before OS... | Apple Support Communities

Apple stopped selling iPhoto with the release of MacOS X 10.10.3 and the new Photos.app. You can neither update nor buy iPhoto any longer, but you can reinstall it, if you previously bought iPhoto from the AppStore or updated it using the AppStore. See this User Tip on how to update by reinstalling:

Get iPhoto 9.6.1 if you didn't update before OS... | Apple Support Communities

The main idea is to move the incompatible iPhoto app to the Trash, so Spotlight does not see it as installed, reload the App Store by pressing ⌘R, and then to try to download again from the App Store - from your Purchases tab, not from the main page, since you can neither buy iPhoto nor update it, but you can reinstall, if your AppleID is associated with it.

So move iPhoto to the Trash (don't empty the Trash), relaunch the App Store. Open the Purchases tab. The button to the right if iPhoto should change to Install on the "Purchases" tab.

If you do not see iPhoto there, try to unhide your Purchases as described on this page: Hide and unhide purchases in the Mac App Store - Apple Support