Morgan Stanley

Morgan Stanley Fund Services Launches StratumSM

Jun 8, 2009

Industry-Leading Investor Reporting Platform Offers Enhanced Process Transparency, Providing Confirmation of NAV's and Deeper Layers of Portfolio Transparency

New York —

Morgan Stanley Fund Services (MSFS), a global provider of independent fund administration services, announced the launch of an enhanced investor reporting platform in response to the growing demands for additional fund disclosure. The new reporting platform, branded Stratum (SM), allows for reporting at various levels of detail and frequency, defined by the manager on a fund-by-fund basis.

The first layer of Stratum provides transparency into the process underlying the NAV calculations, including confirmation of assets and liabilities and sources of price inputs used in computing valuations, qualifying any deeper layers of portfolio transparency revealing the drivers of risk and performance. The framework allows a range of disclosure options as agreed to by managers and their investors.

"With increased demand for greater hedge fund transparency, we developed Stratum to assist our clients by offering a flexible disclosure platform based on the books and records we maintain as Fund Administrator," said Seth Weinstein, CEO of Morgan Stanley Fund Services. "Stratum delivers uniform and timely reporting appropriate to each fund's strategy and investors. There is no one-size-fits-all when it comes to fund transparency and the Stratum framework attempts to meet the varying needs of our clients and respond to industry ‘best practices' recommendations."

Morgan Stanley Fund Services (MSFS) was established in 2004 as a wholly owned subsidiary of Morgan Stanley, the global financial services firm. MSFS serves as a full service hedge fund administrator offering daily fund accounting; financial reporting; middle/back-office support; transfer agency services; portfolio risk, performance and tax analytics. MSFS is supported by over 300 dedicated professionals based in New York, London, Dublin, Glasgow and Mumbai and leveraging a proprietary real-time technology platform that is internet enabled and available across all MSFS offices and accessible to clients on an interactive basis.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 36 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

"Stratum" is a registered service mark of Morgan Stanley Fund Services.

Media Relations Contact: Mary Claire Delaney, 212.762.6880