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Morgan Stanley Is Dealt a Challenge

The arrival of an activist investor in Morgan Stanley’s stock is both a validation of the strategy pursued by Chief Executive James Gorman and a challenge to articulate and execute it better. ValueAct Capital Management LP, a $16 billion hedge fund with a penchant for high-profile turnaround stories, unveiled a $1.1 billion stake in Morgan Stanley on Monday and, in a letter to the fund’s own investors, showed support for Mr. Gorman’s... 

Mentions: Investment Management Hedge Fund