Morgan Stanley and Mitsubishi UFJ Join Hands to Provide Hedge Funds Administrative Services
To provide administrative services to hedge funds, two financial services companies, Morgan Stanley and Mitsubishi UFJ, are joining hands, according to Japanese company announcement.
The two banks have been examining ways to collaborate in that area since MUFG purchased a fund-servicing business last year, Masaaki Tanaka, deputy president of MUFG, told Reuters in an interview.
"Obviously Morgan Stanley deals with a lot of hedge funds, and they need administrative services," said Tanaka. "We are discussing if there is any coordination (we can) create with Morgan Stanley. There are a lot of discussions around this right now."
Morgan Stanley and MUFG already have several partnerships, stemming from a $9 billion lifeline MUFG provided the Wall Street bank at the height of the financial crisis. MUFG now owns 22 percent of Morgan Stanley, making it the bank's largest shareholder.Source: Reuters UK