Morgan Stanley Looks To a Repurchase, Blackstone’s Asian Property Pool: Financial Business Review

Inside sources believe that Morgan Stanley (NYSE:MS) might in the near term request that United States regulators allow it to repurchase shares for the first time in more than four years, adding that as soon as next month, the firm might ask the Federal Reserve about the matter as part of the annual “stress-test” process. The tests were begun in 2009 as a way to assure investors that the largest banks could withstand a financial crisis and have also been employed to determine banks’ ability to pay dividends or repurchase shares.

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The largest manager of real estate private-equity funds, The Blackstone Group (NYSE:BX), looks to raise more than $2 billion for its first property pool concentrated on Asia, according to an inside source, who added that the exact amount has not yet been set. President and Chief Operating Officer Tony James said that, “We’re now starting an Asian real estate fund. These are unique products and they’re unique products in an asset class that investors increasingly want. It’s hard assets.”

Genworth Financial (NYSE:GNW) reported in a Tuesday release that its board has named Thomas J. McInerney as the firm’s President, Chief Executive Officer and Board Member, effective January 1st. McInerney previously held senior leadership positions at both ING Groep (NYSE:ING) and Aetna Financial Services (NYSE:AET), having served most recently as an advisor to The Boston Consulting Group. James S. Riepe will continue as Genworth’s non-executive Chairman of the Board.

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