JM Morgan Stanley dissolves and ends an era of India JVs

Morgan Stanley pays $425 million for its India institutional equities sales, trading and research platform and will build investment banking, capital markets and wealth management businesses.

According to a statement released Thursday, leading Indian investment bank, JM Morgan Stanley, will be dissolved. The investment bank, which was formed in 1999, was the only one still standing in what was once a troika of investment banking joint ventures.

In the deal, JM Financial will pay $20 million to buy out Morgan StanleyÆs stake in the investment banking, fixed income and retail operations of the venture. Morgan Stanley, meanwhile, will take full ownership of institutional equities sales, trading...

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