Archivio mensile:maggio 2010

Morgan Stanley Alternative Investment Partners Raises $585 Million for Global Secondary Opportunities Fund

Morgan Stanley Investment Management (MSIM) today announced that Morgan Stanley Alternative Investment Partners (AIP) raised $585 million in commitments for Morgan Stanley Global Secondary Opportunities Fund LP (GSOF), a fund dedicated to acquiring interests in private equity funds in the secondary market. The capital raised exceeded MSIM’s initial $500 million target.

“This successful fund raise demonstrates how MSIM leverages its competitive strengths and draws upon the full depth of resources at Morgan Stanley to deliver compelling investment solutions to our clients,” said Gregory Fleming, President of MSIM. “As an integrated platform participating in both the primary and secondary markets, AIP is well-positioned to employ its differentiated investment approach to take advantage of the expected growth in secondary opportunities.”

The objective of GSOF is to target off-market secondary opportunities across the private equity spectrum, with an emphasis on small- and mid-cap buyouts, distressed and special situations funds. GSOF is expected to be diversified by managers, strategies, regions, vintage years and portfolio companies. Investors include existing MSIM investors and new limited partners, including endowments, foundations, public and corporate pension plans, family offices, insurance companies, and sovereign wealth funds.

“We think the market for secondaries is poised for substantial growth in 2010, and we believe that our solutions-oriented approach to secondary investing will continue to be attractive to both sellers and the general partners of the funds we purchase,” said John Wolak, Head of Secondary Investing for AIP Private Equity Fund of Funds and Lead Portfolio Manager for GSOF. “MSIM has been an active buyer of secondary interests through AIP’s global core private equity fund of funds program, and through our dedicated fund, we will continue to focus on small- to mid-sized managers and the less efficient parts of the private equity universe.”

GSOF is the second fund dedicated to secondary private markets that MSIM has closed this year. In March, AIP’s Real Estate Fund of Funds team announced that it raised $370 million in commitments for Morgan Stanley AIP Phoenix Global Real Estate Secondaries 2009 LP (Phoenix), a fund dedicated to acquiring secondary interests in opportunistic and value-added private equity real estate funds.

AIP is the fund of funds division of Morgan Stanley Investment Management and has approximately $17 billion of assets under management as of March 31, 2010. AIP manages portfolios of hedge funds, private equity funds and real estate funds for some of the world’s largest institutions and high net worth individuals. AIP has offices in West Conshohocken, Pennsylvania; New York; San Francisco; Atlanta; London and Hong Kong.

MSIM, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $262 billion in assets under management or supervision as of March 31, 20102. By leveraging its global ‘community of boutiques’ structure and the strength of Morgan Stanley, MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries.

For further information about Morgan Stanley, please visit www.morganstanley.com

Morgan Stanley India Equity Research Ranked #1 by Institutional Investor

Morgan Stanley (NYSE: MS) today announced it has been ranked as India’s top equity research house by the 2010 All-Asia Research Team in Institutional Investor magazine’s 17th annual rankings. The Firm also polled as the best research house for Asia economics.

“We are extremely proud of our India equity research and analysis team,” said Ridham Desai, Managing Director and Head of India Research for Morgan Stanley. “We were among the first to predict the strong growth enjoyed by local markets following the global financial crisis. Our ranking as India’s leading research house in this prestigious poll is recognition for our expertise, experience and dedication. We are very grateful to our clients for recognizing our efforts and contributions to their investment process.”

In Institutional Investor magazine’s investor poll, Morgan Stanley was also number one ranked for Australia/New Zealand, Consumer, as well as Healthcare and Pharmaceuticals.

In total ranked Institutional Investor positions for the entire Asia-Pacific region, the Firm ranked fourth, moving up from eighth position in 2009. In overall research, the Firm ranked third, up from eighth in 2009. Morgan Stanley’s Asia-¬Pacific research team of over 180 professionals covers over 770 companies across the Asia-Pacific region.

“Over the past year we’ve been bullish on Asia ex-Japan’s overall growth, and our team’s call, particularly for the top four economies in the region – India, China, South Korea and Indonesia – has worked well,” said Chetan Ahya, Asia and India Economist, Morgan Stanley. “We turned bullish on India in May 2009, when we argued that the general election’s outcome would ensure an improvement in the macro environment. Since then we have been upgrading growth estimates ahead of the Street, and India has been one of the best-¬performing markets.”

The All-Asia Research team Institutional Investor’s 17th annual ranking results are based on responses from more than 2,200 buy-side analysts and investment professionals at 775 institutions managing an estimated $1.5 trillion in non-Japanese Asian Equities.

For 2009, Morgan Stanley was named as the Best India Equity House by IFR Asia magazine and The Asset. For the Asia region, the Firm was also named Best Investment Bank and Best Equity House by FinanceAsia magazine, one of the region’s most respected financial and capital markets trade publications.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries.
For further information about Morgan Stanley, please visit www.morganstanley.com

BofA Merrill Lynch Global Research Named Top Global Broker by Financial Times/StarMine for Second Consecutive Year

For the second consecutive year, BofA Merrill Lynch Global Research was named Top Global Broker by Financial Times/StarMine. The award recognizes aggregate performance of a broker’s recommendations and earnings accuracy relative to local indices and consensus estimates.

In Developed Europe, the 2010 Financial Times/StarMine survey named Research as the top broker for recommendations and earnings estimates. In addition, Research placed No. 2 in the United States and No. 3 in Pan-Asia. All together, 37 analysts – 15 each in Developed Europe and the U.S. and seven in Pan-Asia – were recognized for their forecasting excellence. Three hundred seventy-five firms participated in the survey.

Candace Browning, head of BofA Merrill Lynch Global Research, commented: “These awards showcase our ability to positively impact our clients, particularly during times of intense and prolonged market turmoil, through the delivery of value-added, anticipatory and out-of-consensus investment ideas across all regions.”

To date, the group has earned the StarMine global award, as well as a total of 11 regional awards and 76 individual analyst awards – confirmation that the analytical skills and insights of BofA Merrill Lynch Research analysts are among the best in the world.

Highlights of the company’s 2010 Research rankings include:

Top Global Broker – Financial Times/StarMine Analyst Awards (May).
Top Developed Europe Broker – Financial Times/StarMine Analyst Awards (May).
•No. 2 U.S. Broker – Financial Times/StarMine Analyst Awards (May).
•No. 3 Pan-Asia Broker – Financial Times/StarMine Analyst Awards (May).
•No. 1 – Institutional Investor All-Emerging Europe Research team survey.
•No. 3 – Institutional Investor All-Europe team survey for pan-European coverage.
•No. 1 in Developed Europe, Emerging Europe and Latin America for earnings forecasts – Financial Times/StarMine (March).
•No. 2 in Developed Europe for Recommendations – Financial Times/StarMine (March).

In 2009, the team was also named:

Best Brokerage – Forbes/Zacks; capturing more than twice the awards of the runner-up.
•”Dazzling Dozen” – Forbes/Zacks; seven out of 12 analysts named.
•No. 2 – Institutional Investor All-Brazil Research team survey.
•No. 3 – Institutional Investor All-America Equity, All-Latin America and All-America Fixed-Income Research team surveys.

The goal of BofA Merrill Lynch Global Research is to be the premier global research franchise, providing clients with exceptional service, value-added investment insights and alpha-generating investment recommendations. The Research team provides recommendations on over 3,000 equity securities and 850 corporate bond issuers. The group also provides economic forecasts for approximately 60 countries and recommendations on 40 currencies.

StarMine, a Thomson Reuters company, and Zacks Investment Research are independent firms that measure the performance of brokers and analysts over sets of stocks in two areas: the returns of buy/sell recommendations and the accuracy of earnings estimates. The 2010 Financial Times/StarMine awards are based on the 2009 calendar-year performance of recommendations and estimates on companies that are based in the U.S., Europe and Asia. The Forbes/Zacks survey results reflect the stock picking period from March 31, 2006 through March 31, 2009, and the earnings estimation period from the last three fiscal years of the specific stocks covered by each analyst.

The Institutional Investor 2010 All-Europe Research team survey results are based on responses from more than 1,100 portfolio managers and investment officers at some 500 institutions managing an estimated $5.4 trillion in European equities, and cover the time period March 2009 through February 2010. The Institutional Investor 2010 Emerging EMEA Research team survey results are based on responses from more than 300 buy-side analysts and portfolio managers at 240 institutions managing an estimated $282 billion in emerging EMEA equities, and cover the time period March 2009 through February 2010.

Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed

www.bankofamerica.com

MBNA Customers Raise More Than £820,000 for Haiti

Chester, UK – Generous MBNA customers have donated more than £820,000 to the Haiti relief effort.

Donations made to the Disasters Emergency Committee through the MBNA website between January and March this year totalled £827,126.

MBNA Europe, a subsidiary of Bank of America, donated 3 percent of the total to cover any processing costs of the credit card transactions that may have been charged by the payment networks.

John Greaves, Communications executive for Bank of America Europe Card Services, which operates the MBNA brand, said: “We wanted to make sure that every penny of the credit card donations made by our customers went directly to helping those people in Haiti in most need.

“The country needs real help with its rebuilding programme and the generosity of our customers will go a long way to supporting many people.”

Often credit card donations can be charged a processing fee. In this case, MBNA donated an amount equivalent to the fee so the Disasters Emergency Committee received 100 percent of customer donations.

Bank of America Corporation made a $1 million donation to a worldwide fundraising campaign for the people of Haiti earlier this year.