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08.06.2010 14:43

CIC's Bitter Payoff for Morgan Stanley Stake

China's sovereign wealth fund bought a convertible equity stake in the U.S. firm that’s now proving costly
By staff reporters Li Qing and Sun Huixia

For more than two years, quarterly dividends from Morgan Stanley rolled into a China Investment Corp. account at the healthy rate of 9 percent per year.

It's been a pleasant, predictable payoff to reward the Chinese sovereign wealth fund's purchase of a US$ 5.6 billion stake in Morgan Stanley in December 2007, just a few months after CIC was formed.

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