Wednesday, 17 December 2014
Last updated 5 hours ago
Dec 2 2010 | 2:32pm ET
A pair of private equity firms will buy the bulk of Morgan Stanley's stake in the first Chinese-overseas investment bank and one of China's largest investment banks.
Kohlberg Kravis Roberts and TPG Capital will each buy about 10% of China International Capital Corp. Morgan Stanley will sell the rest of its 34.3% stake to Great Eastern Holdings and Singapore's sovereign wealth fund.
Morgan Stanley's stake in CICC is valued at $1 billion.
The U.S. bank invested just $35 million in CICC at its launch 15 years ago. The Chinese government allowed Morgan Stanley to invest in exchange for offering its expertise in setting up the country's first investment bank. Morgan Stanley gave up management control of the bank 10 years ago.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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