CIC gets Fed approval for Morgan Stanley stake

The Chinese sovereign wealth fund has committed to the US Federal Reserve that its interest in Morgan Stanley will remain a passive investment and that it has committed to not exert controlling influence over the bank


China Investment Corp (CIC) this week gained Federal Reserve Board (FRB) approval to acquire up to 10% of Morgan Stanley, after the US regulator concluded that the Chinese sovereign wealth fund will not exercise a controlling influence over the Wall Street bank.

In an announcement on Tuesday (August 31), the FRB says it has approved CIC's acquisition of up to 10% voting share in the US bank under section 3 of the Bank Holding Company Act of 1956 (BHC Act). In June last year, CIC bought into the

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Asia Risk 15: Jack Lin, Janus Capital

The development of mainland Chinese markets may mimic what has already occurred in Taiwan, according to Jack Lin, co-chief executive officer of Janus Capital International in Hong Kong, but the role of sovereign funds and the quantum of scale indicate…

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