摩根士丹利共同基金对Facebook押下重注

U.S. mutual funds run by Morgan Stanley, the lead underwriter in Facebook Inc.'s $16 billion initial public offering, have disproportionately high investments in the social-media company, leaving fund shareholders exposed to the stock's big drop since its May 18 IPO.

摩根士丹利(Morgan Stanley)负责管理的几只美国共同基金对社交媒体公司Facebook Inc.的投资比例明显过高，这令基金份额持有人暴露于Facebook自5月18日上市交易以来股价大跌的风险之中。摩根士丹利是Facebook总计160亿美元首次公开募股(IPO)的主承销商。

New data show that eight of the top nine U.S. mutual funds with Facebook shares as a percentage of total assets are run by Morgan Stanley's asset-management arm, according to fund tracker Morningstar Inc.

专门追踪基金业绩的机构晨星(Morningstar Inc.)新发布的数据表明，如果按所投资的Facebook股票占总资产比重从高到低排序，美国前九只共同基金中有八只是由摩根士丹利旗下资产管理部门负责运营的。

Morgan Stanley had a crucial role in lining up orders for Facebook as the social-media company prepared to go public. It helped advise Facebook executives to increase the size and price of the IPO, despite warnings the company was making about its profit outlook. The New York securities firm, which declined to comment, took in $200 million in underwriting fees and trading profits, according to regulatory filings and people involved in the deal.

在Facebook准备公开上市期间，摩根士丹利在为其安排交易订单一事上发挥了至关重要的作用。尽管Facebook曾对公司盈利前景做出预警，但摩根士丹利还是建议Facebook高管扩大新股发行规模，提高IPO发行价。据监管备案文件显示和参与上市交易的人士透露，摩根士丹利从中赚到了2亿美元的承销费和交易利润。摩根士丹利对此不予置评。

The Morgan Stanley funds that have Facebook shares got many of them before the IPO at prices well below the $38 offering price.

摩根士丹利负责管理的这八只基金所投资的Facebook股票大部分是在IPO之前以远低于38美元的发行价购入的。

That means that fund shareholders may still have paper gains on their Facebook purchases, depending on when the fund bought their original stake. It also means the funds have been unable to sell any of their pre-IPO holdings.

这意味着基金份额持有人所购入的Facebook股票可能仍然拥有账面收益，这取决于基金买入原始股票的时间。另外，这也意味着这些基金一直没能售出它们在Facebook上市前所持有的该公司股票。

The company's mutual funds have made large bets on other big-name technology companies in recent years, including bets on Apple Inc., Amazon.com Inc. and LinkedIn Corp. whose values have all surged this year.

摩根士丹利负责管理的这些共同基金近年来也曾在其它大名鼎鼎的科技公司身上押下重注，其中包括苹果公司(Apple Inc.)、亚马逊公司(Amazon.com Inc.)以及LinkedIn Corp.。这些公司的股价今年全都大幅上升。

Still, the Morgan Stanley funds' large stakes raise questions about whether the firm's role as lead underwriter influenced decisions.

尽管如此，摩根士丹利管理的这些基金持有大量Facebook股票仍然令外界质疑，即该公司作为主承销商的身份是否影响了其投资决策。

A large investment bank that simultaneously buys and sells shares in any company 'is in this conflicted position,' said Frank Partnoy, a law professor at the University of San Diego who worked for Morgan Stanley in the 1990s. 'This time it didn't work out.'

圣迭戈大学(University of San Diego)法学教授帕特诺伊(Frank Partnoy)说，对于任何一家大型投行来说，只要它同时负责买卖任何一家公司的股票，它都会处于这种矛盾的境地，不过这次它没成功。帕特诺伊曾在上世纪90年代供职于摩根士丹利。

The funds span the $1.6 billion Focus Growth fund to the $2.5 million Institutional Global Advantage fund.

这八只基金规模迥异，其中既有资产高达16亿美元的Focus Growth fund，也有资产仅为250万美元的Institutional Global Advantage fund。

Morgan Stanley's funds don't appear to have violated Securities and Exchange Commission rules limiting investments in offerings underwritten by an affiliate. SEC rules allow bank-affiliated mutual funds to participate in offerings in which the bank's investment bankers are advising the company, as long as the fund managers don't buy more than 25% of the deal and they buy the shares from a different bank.

摩根士丹利旗下的基金似乎并没有违反美国证券交易委员会(Securities and Exchange Commission)限制下属机构投资它所承销股票的规定。该委员会规定，与投行有隶属关系的共同基金可参与该投行的投资银行家正为之提供咨询的那个公司的股票发行，条件是该共同基金的经理所购买的新股发行量不会超过股票发行总规模的25%，而且他们要从另一个银行手里买入这些股票。

The concentration of Morgan Stanley's funds stands out when compared with funds operated by other large institutional holders of Facebook stock.

与其它持有Facebook股票的大型机构负责管理的那些基金相比，摩根士丹利的这些基金持有的Facebook股票比例明显偏高。

Morgan Stanley Focus Growth Portfolio had 5.7% of its assets in Facebook shares as of July 31, according to Morgan Stanley's website, while Morgan Stanley Institutional Opportunity Portfolio had 5.5% and Morgan Stanley Institutional Growth Portfolio had 4.8%. Others among the eight Morgan Stanley mutual funds range between 3.6% and 4.6%. Those proportions ranged between 5% and 7.8% on June 30, according to the most recent Morningstar data that included other fund families.

摩根士丹利的网站显示，截至7月31日，Morgan Stanley Focus Growth Portfolio全部资产的5.7%投资于Facebook股票，而Morgan Stanley Institutional Opportunity Portfolio和Morgan Stanley Institutional Growth Portfolio投资Facebook股票的比例分别为5.5%和4.8%。余下的那几只共同基金所持Facebook股票的比例从3.6%至4.6%不等。据晨星发布的最新数据显示，摩根士丹利这八只基金在6月30日所持Facebook股票的比例在5%至7.8%之间。晨星提供的数据也提到了其它基金。

'It's surprising that so many Morgan Stanley affiliated funds out of the thousands of mutual funds show up as having extremely big weights,' said Jay Ritter, a professor of finance at the University Florida.

佛罗里达大学(University Florida)金融学教授里特(Jay Ritter)说，让人意外的是，在成千上万只共同基金当中，偏偏有如此多的摩根士丹利下属基金持有如此高比例的Facebook股票。