By Selena Li HONG KONG (Reuters) - Morgan Stanley is set to increase its stake in its brokerage joint venture in China by 4.06% to 94%, an exchange fi.
Morgan Stanley is set to increase its stake in its brokerage joint venture in China by 4.06% to 94%, an exchange filing showed on Wednesday, putting it on track to take full ownership of the. | December 29, 2021
By Reuters Staff
2 Min Read
SHANGHAI, Feb 5 (Reuters) - Shanghai Chinafortune Co said on Friday its brokerage subsidiary plans to sell stakes in Morgan Stanley’s Chinese securities and mutual fund ventures, potentially enabling the U.S. bank to move toward full control.
China Fortune Securities Co plans to auction a 39% stake in Morgan Stanley Huaxin Securities, and its entire 36% stake in Morgan Stanley Huaxin Fund Management Co through the Shanghai United Assets and Equity Exchange, Chinafortune said in an exchange filing.
Morgan Stanley declined to comment.
Global banks and asset managers, including Morgan Stanley, JPMorgan and Goldman Sachs, have been increasing stakes in joint ventures in China, as Beijing fully opened the country’s financial industry last year.