Morgan Stanley's North Haven Returns $169 Million to Investors, Caps Redemptions at 5%
MT Newswires Live
Mar 12
Morgan Stanley (MS) said in a letter to investors that the North Haven Private Income Fund returned about $169 million, or roughly 46% of each investor's tender request in Q1, a regulatory filing showed Wednesday.
The banking giant completed its quarterly tender offer for Q1, and it received investor requests to buy back about 11% of its outstanding shares, the company said in the letter.
North Haven capped redemptions at 5% of shares and plans to offer it on a quarterly basis, Morgan Stanley said, adding that by "maintaining appropriate limits" on the quarterly repurchase, it intends to "avoid" sale of its assets when there is market dislocation.
Morgan Stanley shares were down 2.3% in Thursday premarket activity.
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