Morgan Stanley launches China securities venture

Morgan Stanley Friday launched a securities joint venture in China, boosting its presence in the booming mainland market after selling its stake in China International Capital Corp last year. The US investment bank said it will hold one-third of the tie-up with Shanghai-based Huaxin Securities, which will have the rest of Morgan Stanley Huaxin Securities Co Ltd - mirroring moves by other Western investment banks.
The venture gives Morgan Stanley the chance to rebuild its presence in China after it sold its 34.3 percent stake last year in China International Capital Corporation, a leading mainland investment bank it helped found in 1995. China "remains a major priority within our international growth strategy," Morgan Stanley chief executive James Gorman said in a statement.