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Chinese buy into Morgan Stanley Morgan Stanley takes $9.4bn hit
(10 minutes later)
A Chinese sovereign wealth fund has invested $5bn in Morgan Stanley as the US investment bank tries to make up some of its sub-prime losses. Morgan Stanley has revealed a bigger-than-expected write-down of assets and has a sold a $5bn stake to the Chinese sovereign wealth fund.
China Investment Corp, which also has a stake in private equity giant Blackstone, made an investment which equates to 9.9% of the bank. The US investment bank said that it had been forced to write down $9.4bn for the three months to 30 November.
The news came as Morgan Stanley said it had made a bigger-than-expected $9.4bn for the last three months of the year.
The bank said last month that it would be taking a charge of $3.7bn.The bank said last month that it would be taking a charge of $3.7bn.
Morgan Stanley said that the injection from China Investment Corp - which equates to 9.9% of the bank - would help it to replenish its capital.