Morgan Stanley to launch RMB fund with Hangzhou govenment
US investment bank Morgan Stanley has signed an agreement with Hangzhou Municipal Government in China to form an RMB-denominated fund of undisclosed size for private equity investments.
Both parties will open headquarters in Hangzhou and jointly pursue private equity activities, according to the statement posted on the Hangzhou government website. CPC Hangzhou Committee Standing Committee Member and Deputy Mayor of Hangzhou, Yang Xubiao publicly said that Hangzhou is building the financial services center for the Yangtze River Delta, targeting SMEs and capital investment management. Hangzhou hoped that the cooperation could help channel private capital investments effectively, upgrade the local economy and contribute to the city’s target of becoming a regional financial center, he added. The statement added that Morgan Stanley and Hangzhou had already agreed on mutual cooperation earlier this year. Morgan Stanley also stated that it was set to become the strategic partner of Hangzhou by employing its own experience and resources.
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