Morgan Stanley CFO Says Private-Equity Loss Mostly Tied to China

Morgan Stanley’s third-quarter write-off of private-equity performance fees was mostly related to China, Chief Financial Officer Jonathan Pruzan said.

The fees for its investment-management division were mostly booked in the second half of 2013, Pruzan said Monday in an interview after the New York-based firm released third-quarter results.

Morgan Stanley booked $235 million in negative revenue in its investments category within the division, and “virtually all” of that loss was from the China fees, Pruzan said.

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