Morgan Stanley Huaxin, in which the U.S. lender owns a third, started operations in 2011, joining Goldman Sachs Group Inc. and JPMorgan Chase & Co. in gaining access to underwriting business in China through ventures with local brokerages.
Morgan Stanley formed the partnership with Huaxin Securities Co. after it ended in 2010 its 15-year involvement in China International Capital Corp., the first Sino-foreign investment bank and once the top-ranked underwriter of share sales in the country. Yang, formerly a managing director of Morgan Stanley, was named CEO of Morgan Stanley Huaxin in 2011 and Wang Wenxue, chairman of Huaxin Securities, was appointed chairman of the venture.
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