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Morgan Stanley is back!
By siliconindia
Mumbai: As an offshore fund, when Morgan Stanley made its first footprint in India in 1994, it created a lot of buzz those days. Today, after 13 years of long gap, a similar buzz is echoing in the market with its coming back with the launch of its second fund.
The second fund, Morgan Stanley ACE (Across Capitalisations Equity) Fund will invest in a portfolio of equity and equity-related securities, including equity derivatives.
"Maybe, we missed a step by two to three years," admitted Narayan Ramchandran, the Managing Director and Country Head of Morgan Stanley. The fund will be benchmarked against the BSE-200 and will be managed by Jayesh Gandhi, formerly with Birla Sun life Asset Management Company.
"In the decade of the 1990s, both the Indian markets and the marketplace had not evolved sufficiently. In this decade, particularly in the last seven years or so, many of our competitors have come to India," said Ramchandran.
In February 2007, Morgan Stanley parted ways with its decade-long partner, JM Financial, after the New York-headquartered firm decided to start business on its own.
The $600 billion investment group entered the Indian market in 1989 through a joint venture with State Bank of India Mutual Fund Morgan Stanley, and launched funds under the name "Magnum". However, Morgan Stanley launched the Morgan Stanley Growth Fund in January 1994. Even though the fund attracted more money than it could manage, the company was compelled under securities regulations to invest all the money within a few weeks of the fund closure, giving it little leeway to choose the price at which it could buy.