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| Morgan Stanley Growth Fund set to open end |
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Company Brief
Mumbai, November 28, 2008
Morgan Stanley (NYSE: MS) today announced that�the Morgan Stanley Growth Fund (MSGF) in India, a close ended equity oriented fund is set to open end from January 2009.
Targeting domestic investors, the Growth Fund was launched in India in January 1994 as a close ended fund and has been listed on the Bombay Stock Exchange, National Stock Exchange, Calcutta Stock Exchange, Delhi Stock Exchange, Madras Stock Exchange and Ahmedabad Stock Exchange. Under the new scheme, MSGF will be converted into an open-ended fund after completion of the exit option period. Consequently, the feature of trading in MSGF on the respective Stock Exchanges will not be available, and subscriptions/redemptions will be entertained by Morgan Stanley Mutual Fund (MSMF) at NAV based prices.
In line with regulatory guidelines, the unit holders of MSGF will be given an option to redeem the fund at NAV without any exit load. Other options, for example, to remain invested with the fund or to switch fully or partially to other funds of MSMF family will also be provided. MSMF will be sending individual communication to each unit holder of MSGF.
Anthony Heredia, Chief Executive Officer of Morgan Stanley Investment Management (MSIM) in India commented, �The Board of Directors of MSIM and the Board of Trustees of MSMF have taken the decision to convert MSGF into an open ended scheme with a perpetual duration. Open ending MSGF will provide unit holders with the opportunity to continue with their investments and offer them advantages associated with an open ended fund such as daily subscriptions, redemptions, switches, Systematic Investment Plans and other value add services.�
Today�s announcement follows the launch of the Morgan Stanley A.C.E. Fund in February this year, an open-ended equity scheme that seeks to generate long-term capital growth from an actively managed portfolio of equity and equity-related securities. In the last twelve months, Morgan Stanley Mutual Fund has also opened nine branch offices across India and established relationships with the country�s leading distributors. In addition, in May this year, Morgan Stanley Investment Management established a private equity presence in India and also announced the closing of its US$4 billion global infrastructure fund which is expected to be active in India.
For further information, please contact:
Perfect Relations Ltd.
Rohit Sethi
Tel: 22-24367155
Email: [email protected] |
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