Financial services giant
Members of the board of trustees for seven Morgan Stanley branded mutual funds, six institutional funds and four managed portfolios geared toward high-net-worth investors have approved the decision, the company said in a release.
The liquidations are part of the New York-based firms ongoing efforts to boost profitability by streamlining its fund products and selling more of its
The firms mutual fund business has had a rough go due to a series of regulatory probes and a devastating three-year bear market. In November, the firm agreed to a $50 million settlement for taking secret payments from some fund companies to promote their products.
But with the major stock market indices vaulting higher over the last year, there has been a significant amount of cash coming off the sidelines, helping bring business back to a more normalized level.
