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Mumbai, Oct. 17 Morgan Stanley will explore strategic alliances with Mitsubishi UFJ Financial group in India, as elsewhere in the world, in areas related to capital market, said Mr Narayan Ramachandran, CEO & Country Head, Morgan Stanley India.

Mitsubishi UFJ, which picked up a 21 per cent equity stake for $9 billion in Morgan Stanley, is already present in India as a commercial bank. Therefore, it is unlikely that Morgan Stanley would consider starting banking operations in India, he said.

In India, Morgan Stanley is present in asset management and also offers investment banking and wealth management services. The assets under management of Morgan Stanley Mutual Fund are to the tune of Rs 2,844.84 crore, as on September 30, 2008, according to data from Association of Mutual Funds in India.

“Our natural strength is in capital markets and Mitsubishi Financial group is an Asian power house and bank. Wherever we can partner in the capital market or for fund raising, we will do so,” Mr Ramachandran said.

Morgan Stanley changed its status from investment bank to bank holding company, in September this year. The holding company, Utah Bank, is now regulated by the US Federal Reserve and has $36 billion in deposits.

Speaking about the current slump in the Indian equities market, Mr Ramchandran said it is cyclical and the revival may start from mid-2009 onwards. While foreign institutional investors are now not open to investing in any emerging market, but on a forward looking basis it is a tremendous opportunity to reconsider investing in India, he said.

The various measures taken by the Reserve Bank of India and the Government have already started taking effect and the additional expected rate cuts will pump in more liquidity into the system, he said.

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