Morgan Stanley, SCIC Establish a Joint Venture Securites Co

US-leading investment bank Morgan Stanley and Vietnam’s State Capital Investment Corporation (SCIC) plan to set up a joint venture securities company in Vietnam.

 

An announcement early this week said SCIC Morgan Stanley Securities will be located in Hanoi, and will seek business license soon.

 

The joint venture will start operations by late 2007, providing banking services such as M&A advisory and capital market underwriting, equity and debt sales and trading, equity and fixed income research, investment advisory, proprietary investment and custody.

 

Both sides will contribute money and staff to the joint venture. SCIC may appoint the chairperson of the joint venture, while Morgan Stanley will appoint the CEO, and move some bankers to Hanoi to spearhead the business.

 

Morgan Stanley chairman John Mack said Vietnam is important to its emerging market growth strategy.

 

“Working alongside SCIC, we look forward to contributing to the development of Vietnam’s capital markets and the country’s long term economic growth,” he said.

 

SCIC was established in August 2006 under Government Decision No 151/2005/QD-TTg, to manage capital at state-owned enterprises that have completed equitization, to separate the State's role as an administrator and its role as owner of State capital. (Vietnam Economic Times, Finance Asia)