In 1995, Morgan Stanley, China National Investment & Guaranty Co. and China Jianyin Investment Co. jointly set up China's first Sino-foreign investment bank CICC. Morgan Stanley and the top management of CICC often had different opinions about the routine operation, enterprise culture and customer relations of the joint venture.

Last year, Morgan Stanley decided to sell the remaining 34.3% stake that it takes in CICC to Bain Capital and General Atlantic-led investment consortium, but the deal failed due to a lower price offered by the potential buyers.

After selling the stake in CICC this time, Morgan Stanley is guessed to set up an investment bank in partnership with a small Chinese broker called China Fortune Securities Limited, in order to have a stronger say in the management of the upcoming new company and to launch the underwriting business in China's Mainland via the joint venture. Still, it remains a puzzle whether China Securities Regulatory Commission is to approve of the establishment of the joint venture.

Actually, Morgan Stanley in 2007 had sold a 9.9% stake of CICC to China Investment Corp. (CIC) for USD 500,000. As one of the biggest sovereign wealth funds in world, CIC was established in 2007 with registered capital of USD 200 billion.

The Beijing-based company made most of the investment in financial products portfolios at the initial period of its operation. Such investment strategy enables investment in various target companies engaged in multiple sectors in different countries so that the investment risks could be dispersed.

However, the Beijing-based investment company was heavily stung by the investment in Blackstone Group and Morgan Stanley, due to the global financial crisis. Last year, it adjusted the investment strategy, thus having minimized the investment losses.

This year, CIC has further boosted its investment in such areas as the bulk stock, real estate and so forth. In addition, the infrastructure is another new investment sector of it. Besides, the investment target of CIC also includes energy and resources-related enterprises.

(USD '1 = CNY 6.82)

Source: www.nanfangdaily.com.cn (November 06, 2009)

--$420,000,000 class A1-A 'AAA'; Outlook Stable;

--$140,000,000 class A1-B 'AAA'; Outlook Stable;

--$72,000,000 class A2 'AAA'; Outlook Stable;

--$36,000,000 class A2-A 'AAA'; Outlook Stable;

--$36,000,000 class A2-B 'AAA'; Outlook Stable;

--$165,000,000 class B 'BBB'; Outlook Stable;

--$82,500,000 class B-A 'BBB'; Outlook Stable;

--$82,500,000 class B-B 'BBB'; Outlook Stable.

Classes A1, A2 and B are designated as 'Exchanged' classes while classes A1-A, A1-B, A2-A, A2-B, B-A and B-B are designated as 'Exchangeables'. Each class designated as 'Exchanged' is exchangeable for a combination of the classes designated as 'Exchangeable' as specified in Schedule I of the Offering Memorandum. The classes B, B-A and B-B certificates are principal only certificates and are not entitled to receive any distributions of interest.

All classes are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are allocations of 159 U.S. CMBS Interest Only certificates, from 151 underlying transactions, having an aggregate notional balance of $65,564,026,642, as of the cutoff date.

For a detailed description of Fitch's rating analysis, please see the report titled 'Morgan Stanley Re-Remic Trust 2009-IO', dated Oct. 16, 2009 and available on the Fitch Ratings web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

SOURCE: Fitch Ratings

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They join from UBS and will report to Fabian Onetti, managing director of Morgan Stanley Private Wealth Management.

Ernesto de la Fe, managing director and regional head of Latin America for Morgan Stanley Private Wealth Management, said: "We are deeply committed to the Latin American ultra high net worth market, and welcome the team to help further expand our presence and initiatives in the region."

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