Key Developments: Morgan Stanley (MS)
24.25USD
23 May 2013
$-0.45 (-1.82%)
$24.70
$24.19
$24.76
$24.00
22,664,435
19,190,787
$25.69
$12.26
Latest Key Developments (Source: Significant Developments)
Alabama Medical Laboratory Sues Morgan Stanley-Reuters
Reuters reported that Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal pay-to-play scheme. Full Article
Morgan Stanley To Sell India Wealth Management Unit To Standard Chartered PLC-Reuters
Reuters reported that Morgan Stanley has signed an agreement to sell its Indian wealth management unit to Standard Chartered PLC. Financial terms of the deal were not disclosed. The process is expected to be completed by the end of 2013. Morgan Stanley launched the sale of its Indian private wealth management unit in November 2012. The sale of the unit underscores a growing trend of consolidation in Asia's wealth management industry as private banks struggle to earn profits in the face of rising regulatory costs and wafer-thin advisory fees. Full Article
Abu Dhabi Commercial Bank PJSC Settles Legal Action Against Morgan Stanley, S&P and Moody’s
Abu Dhabi Commercial Bank PJSC (ADCB) announced that it has settled its legal action against Morgan Stanley, S&P, Moody’s and others in respect of its purchase of Cheyne SIV notes. ADCB commenced proceedings in 2008 in the New York district courts to recover its original investment of USD 10 million in Cheyne notes. The action was resolved on Wednesday April 24, 2013 by an out-of-court settlement, the terms of which are confidential. ADCB is satisfied with the outcome of the settlement. The original investment had already been fully provisioned and receipt of the settlement proceeds will have a positive but relatively limited impact on ADCB’s balance sheet. Full Article
Morgan Stanley Declares Quarterly Dividend
Morgan Stanley announced that it has declared a $0.05 quarterly dividend per common share, payable on May 15, 2013 to common shareholders of record on April 30, 2013. Full Article
Morgan Stanley, Apax Partners look to sell Hub-Reuters
Reuters reported that Buyout firm Apax Partners and Morgan Stanley's private equity arm are exploring a sale of Chicago-based insurance brokerage Hub International that could be valued at around $2 billion. Representatives for Hub, Apax and Morgan Stanley declined to comment. Full Article
Credit Suisse Group AG Buys Morgan Stanley's European Private Bank-Reuters
Reuters reported that Credit Suisse Group AG would buy Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, with total assets under management of $13 billion. Details of the deal were not disclosed. It said it expected to complete the purchase later this year. The acquisition does not include any Swiss activities. Full Article
Morgan Stanley Declares Regular Quarterly Dividend on Preferred Stock
Morgan Stanley declared a regular quarterly dividend on the outstanding shares of each of the following preferred stock issues: Floating Rate Non-Cumulative Preferred Stock, Series A - $250.00 per share (equivalent to $0.25000 per Depositary Share) 10 Percent Non-Cumulative Non-Voting Perpetual Preferred Stock, Series C - $25.00 per share The dividends for the Preferred Stock Series A and C are payable on April 15, 2013 to stockholders of record at the close of business on March 28, 2013. Full Article
U.S. Regulator Sides With Morgan Stanley And Other Three Banks On Avoiding Break-up Votes-Reuters
Reuters reported that U.S. regulators have agreed with four of the country's biggest banks that they will not have to hold shareholder votes at upcoming annual meetings over whether the institutions are too big. The Securities and Exchange Commission rendered its decision in nearly identical letters to JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Morgan Stanley that were posted on the agency's web site on Wednesday. The letters said agency lawyers agreed with the banks that they need not conduct shareholder votes on proposals from labor and religious groups calling for bank directors to explore breaking up the companies. The four banks are among the six biggest in the country and are prominent in public arguments over ending too-big-to-fail bailouts. The proposals would have allowed shareholders to call for directors of the banks to appoint committees to consider 'extraordinary transactions', including breaking up the companies. Full Article
Morgan Stanley Announces Sale Of EMEA-Based Global Stock Plan Services Business To Computershare Ltd
Morgan Stanley announced that it has reached an agreement to sell the EMEA-based portion of its Global Stock Plan Services business (GSPS EMEA) to Computershare Ltd. The transaction is expected to close during the second quarter of 2013. The GSPS EMEA business provides employee stock plan record keeping and automated trade execution services for some of the companies in the UK and Europe, with trading on 13 exchanges globally. As part of the transaction, it is intended that Morgan Stanley will continue to provide trade execution services to existing GSPS EMEA clients and their employees. Full Article
Standard Chartered PLC In Talks To Buy Morgan Stanley's Morgan Stanley India Wealth Unit-The Economic Times
The Economic Times reported that Standard Chartered PLC is in talks to buy Morgan Stanley's Indian private wealth management unit, which manages about $1 billion including loans, two sources with direct knowledge of the situation said. A couple of Indian financial services companies have also shown interest in buying the wealth management business, and a formal bidding process is expected to start soon, one of the sources told Reuters. The source did not name the companies. Full Article
MOVES-Morgan Stanley, JPMorgan Chase, HSBC Holdings
May 23 - The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email to moves@thomsonreuters.com.
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