Head of Morgan Stanley's Joint Venture in China Stepping Down

HONG KONG—The head of Morgan Stanley's joint venture in China is stepping down, a person familiar with the matter said.

Bao Yi, chief executive of Morgan Stanley Huaxin Securities Company Ltd., is leaving the bank to start his own investment firm, the person said. Mr. Yi joined Morgan Stanley in 2006 and transferred to the joint venture in 2011.

Morgan Stanley established the securities joint venture, based in Shanghai, with Huaxin Securities Co. in 2011 in an effort to reboot its China operations after a fractured partnership with China International Capital Corp. The New York bank has a 33% stake in the joint venture.

Revenue for the joint venture totaled 544 million yuan ($83 million) in 2015, up 36% from a year earlier. The business notched a profit of 30 million yuan last year, up from a loss of about 474,000 yuan in 2014.

A spokeswoman declined to comment on Mr. Yi's replacement and declined to make him available for comment. Mr. Yi couldn't be reached for comment.

Write to Julie Steinberg at [e-mail]

(END) Dow Jones Newswires

May 19, 2016 21:25 ET (01:25 GMT)

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