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Morgan Stanley enters Asia hedge fray

Date: Monday, February 5, 2007
Author: Riva Froymovich, InvestmentNews.com

Morgan Stanley is opening a Singapore prime brokerage office to serve the growing hedge fund industry there, according to Reuters.

Singapore is racing to catch up with Hong Kong, as the amount of assets invested in Asia by hedge funds reached $140 billion in 2006, research group Eurekahedge found, Reuters reported.

Singapore has attractive tax breaks and regulations, Reuters said.

The New York-based bank Morgan Stanley currently stands as the top Singaporean prime broker by assets under management.

This new office will be staffed with four people, Reuters reported.