Morgan Stanley had to use $23bn to prop up its money market funds last month after convulsions in credit markets prompted worried investors to withdraw a net $46bn from their accounts. In a regulatory filing, Morgan Stanley said that after the end of August, “credit and liquidity conditions further deteriorated resulting in material redemptions from corporate money market and liquidity funds”.

This entry was posted by Tracy Alloway on Tuesday, October 28th, 2008 at 4:15 and is filed under Capital markets. Tagged with morgan stanley. Edit this entry.