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