Morgan Stanley's earrings were lifted by a watershed private equity deal in Asia. The $2 billion windfall underscores the importance of making inroads in China for Wall Street's biggest players.
With President Trump’s Phase 1 trade deal with China now complete after a lengthy signing ceremony on Wednesday cheered on by Wall Street luminaries such as Blackstone cofounder Stephen Schwarzman, hedge funders Ken Griffin and Nelson Peltz, and Mary Callahan Erdoes of JPMorgan, investors now have a new reason to try and play growth in the country.
In 2013, Morgan Stanley’s Asian private equity division helped take Chinese baby-milk producer Feihe International private, working with the company’s controlling family, led by CEO Leng Youbin. The company, founded in 1962, had listed American Depositary receipt shares on the New York Stock Exchange in 2008.
The firm’s investment management division saw revenues more than double to $1.4 billion, led by $670 million in quarterly investment revenue versus $82 million in the year prior. Of the windfall, Morgan Stanley said its investment revenues “increased from a year ago on accrued carried interest related to an underlying investment’s initial public offering, subject to sales restrictions, within an Asia private equity fund managed on behalf of clients.
For years, dealmakers like Blackstone’s Schwarzman, JPMorgan’s Jamie Dimon and Blackrock’s Larry Fink have been studying ways to build their presence in the region and either bank, partner or invest on behalf of the country’s growing business elite. While groundwork is mostly still just being laid, deals like Morgan Stanley’s recent coup underscore the potential remaining in China.
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