Morgan Stanley launch RMB fund JV with Hangzhou
Morgan Stanley, one of the most successful investors in China, has entered the RMB funds market with its own vehicle. Called the Morgan Stanley (China) Private Equity Investment Management Company Limited, the vehicle will be a joint venture with Hangzhou Industrial & Commercial Trust Co.
The entity, which will be registered in Hangzhou in the Zhejiang Province of China, will be 80% owned by Morgan Stanley with Hangzhou Trust holding the remaining interest. The JV will launch a RMB denominated PE Fund with a target size of RMB 1.5 billion (approximately US$ 225 million), focused on investment opportunities across China, with an emphasis on Zhejiang Province and the city of Hangzhou.
The establishment of the private equity investment management joint venture also further strengthens the strategic partnership between Morgan Stanley and the Hangzhou Municipal Government in the area of asset management. Today's announcement follows an MOU signed by the two parties in December 2010 to further their cooperation in the financial services industry in the city.
In a statement, Asia Pacific Co-CEO and China CEO of Morgan Stanley, Ms. Wei Sun Christianson, commented, "We are pleased to broaden and deepen our cooperation with the city of Hangzhou. In addition, through private equity investments, Morgan Stanley looks forward to playing an important role in supporting the development of some of China's fast growing companies."
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