Morgan said to eye China fund co.'s

Morgan Stanley is looking at investing in between two and three fund-management companies in China, according to MarketWatch.
JUN 15, 2007
Morgan Stanley is looking at investing in between two and three fund-management companies in China, according to MarketWatch. The source said that Jutian Fund Management Co. is among the firms, but said, "there's no deal on the table yet," according to a MarketWatch report. The comments follow a report in China’s state-run Securities Times that cited an unnamed source as saying Morgan Stanley is planning to take a controlling stake in Jutian Fund. The report also said that Morgan Stanley plans to partner a big Chinese company to buy a combined 85% stake in Jutian Fund. The purchase will likely be completed in the third quarter, the report said. Shenzhen, China-based Jutian Fund was set up in 2003 with registered capital of 100 million yen. Its major shareholders include Jutian Securities Co. and Bejing-based Citic Guoan Information Industry Co., each with a 35% stake. Shenzhen-based Hantang Securities Co. also holds a 15% stake in Jutian Fund.

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