Shanghai Chinafortune Co said on Friday its brokerage subsidiary plans to sell stakes in Morgan Stanley’s Chinese securities and mutual fund ventures, potentially enabling the U.S. bank to move toward full control.
China Fortune Securities Co plans to auction a 39% stake in Morgan Stanley Huaxin Securities, and its entire 36% stake in Morgan Stanley Huaxin Fund Management Co through the Shanghai United Assets and Equity Exchange, Chinafortune said in an exchange filing.
