Chinese fund takes $5bn Morgan Stanley stake | Hedge Funds | Alternative Investments
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Chinese fund takes $5bn Morgan Stanley stake
 
  Hedgeweb - WED, DEC 19 2007
News Morgan Stanley on Wednesday said it had sold a $5bn stake to Chinaâ??s new sovereign wealth fund

The bank said it would issue about $5bn in new capital with mandatory conversion into stock to China Investment Corporation, a $200bn fund. In return CIC will be able to convert the investment into a stake of up to 9.9 per cent, but will remain a passive investor, with no role in managing the company.

The move followed an announcement that Morgan Stanley had been forced to write off a further $5.7bn, on top of a previously announced $3.7bn charge already taken on its holdings of troubled structured credit products in the fourth quarter and is aimed at strengthening Mogran Stanleyâ??s capital position.

 
 
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