News: J.M. Financial, Morgan Stanley to part ways

(BL 22/02/2007) Mumbai - J.M. Financial Ltd said Thursday that it has decided in principle to separate from Morgan Stanley in their joint ventures for investment banking and brokerage operations.

Under the terms, J.M. will sell to Morgan Stanley its 49 per cent stake in the brokerage joint venture, JM Morgan Stanley Securities Pvt. Ltd., for $445 million. J.M. will also buy Morgan Stanley's 49 per cent stake in their investment banking joint vent ure, JM Morgan Stanley Pvt. Ltd., for about $20 million, said the financial services company in a statement.