Fashion
Morgan Stanley is the latest global bank to add exposure to mainland China’s financial sector with increased ownership in two joint ventures.
Morgan Stanley will buy stakes in its securities and mutual fund joint ventures, according to a company filing with the Shanghai Stock Exchange.
We are excited by opportunities to significantly expand our onshore securities and asset management businesses, which further strengthen our position to provide the best advice and services to our clients, according to a spokesperson for the bank.
China Fortune Securities is the planned seller of a 39 percent stake in Morgan Stanely Huaxin Securities and its entire 36 percent stake in Morgan Stanley Huaxin Fund Management Company to the American lender for 958.6 million yuan (US$150 million), according to the filing.
If the sale succeeds, Morgan Stanley would effectively own 90 percent of the securities joint venture, with China Fortune retaining the remaining 10 percent stake, and 85 percent of the fund joint venture.
Global banks continue to take advantage of the opening up of China’s financial sector with Goldman Sachs, most recently, receiving preliminary approval to establish a wealth management joint venture with ICBC.
