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Chinese broker snags ex Morgan Stanley president

Chinese broker snags ex Morgan Stanley president

(27 June 2006 – China) Former global president of Morgan Stanley, Stephan Newhouse, has joined Shanghai-based AJ Corp, the company which controls Chinese brokerage AJ Securities. Newhouse, who left Morgan Stanley in April 2005, has been appointed as independent board director.

Chinese shareholders have already approved the appointment of Newhouse who will become one of four independent board directors.

Morgan Stanley has reportedly been in discussions with AJ Securities with a view to taking a 20 to 50 percent stake.

AJ Securities has been struggling for some time and is being restructured following the arrest of senior executives last year for illegal business activities.

AJ Securities has refused to say whether Newhouse’s appointment is related to Morgan Stanley’s interest in purchasing a stake in the company.

The company said it was in talks with several foreign investors "on the matter of restructuring work for our securities company" and a decision was expected later in the year.
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