Who Says Morgan Stanley Didn’t Do its Best for the Facebook IPO: its Funds are Stuffed with FB
The Wall Street Journal has a nice story about the mutual fund managers who bought Facebook (FB) shares. Here’s who bought an awful lot: mutual fund managers at Morgan Stanley (MS), which was the lead underwriter of Facebook shares.
Of the funds examined, Morgan Stanley’s had the highest percentage of their portfolios in Facebook, according to the report. Its Morgan Stanley Focus Growth put 6.5% of assets in the stock. At least seven funds had more than 5% in Facebook.
The story quotes a financial planner calling that move “a huge gamble.” It could’ve been that, or it could’ve been an attempt to shore up a weak stock. After almost two months, investors who bought at the open are still in the red:
Filed under: Company News