Morgan Stanley Closed-End Funds Announce Morgan Stanley's Expected Sale of its Retail Asset Management Business to Invesco Ltd.
October 21 2009 - 3:15PM
Business Wire
Morgan Stanley announced on October 19, 2009 that it has entered
into a definitive agreement to sell substantially all of its retail
asset management business to Invesco Ltd. (“Invesco”), a leading
global investment management company. As a result, Morgan Stanley
Investment Advisors Inc. and Morgan Stanley Investment Management
Inc. (together, “MSIA”) expect to propose to the Board of
Trustees/Directors of each of Morgan Stanley California Insured
Municipal Income Trust (NYSE: IIC), Morgan Stanley California
Quality Municipal Securities (NYSE: IQC), Morgan Stanley Insured
California Municipal Securities (NYSE: ICS), Morgan Stanley Insured
Municipal Bond Trust (NYSE: IMC), Morgan Stanley Insured Municipal
Income Trust (NYSE: IIM), Morgan Stanley Insured Municipal
Securities (NYSE: IMS), Morgan Stanley Insured Municipal Trust
(NYSE: IMT), Morgan Stanley Municipal Income Opportunities Trust
(NYSE: OIA), Morgan Stanley Municipal Income Opportunities Trust II
(NYSE: OIB), Morgan Stanley Municipal Income Opportunities Trust
III (NYSE: OIC), Morgan Stanley Municipal Premium Income Trust
(NYSE: PIA), Morgan Stanley New York Quality Municipal Securities
(NYSE: IQN), Morgan Stanley Quality Municipal Income Trust (NYSE:
IQI), Morgan Stanley Quality Municipal Investment Trust (NYSE:
IQT), Morgan Stanley Quality Municipal Securities (NYSE: IQM) and
Morgan Stanley High Yield Fund, Inc. (NYSE: MSY) that each Board
approve, among other things, a new investment advisory agreement
with an affiliate of Invesco. If approved by each Fund’s Board, the
new agreement would be submitted to shareholders of the applicable
Fund for their approval.
MSIA, together with its investment advisory affiliates, has
nearly 1,000 investment professionals around the world and
approximately $386 billion in assets under management or
supervision as of September 30, 2009. By leveraging its global
‘community of boutiques’ structure and the strength of Morgan
Stanley, MSIA 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 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 1,200
offices in 36 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful under the securities laws of any such
state.
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