Investors in the mutual fund schemes run by Morgan Stanley
may be a tad bit worried to hear that the global investment manager has a large
stake in Facebook Inc (NASDAQ:FB) in the form of holdings by its many schemes.
Reports this morning from Mornigstar.com and the Wall Street
Journal said that there were four separate funds which had Facebook shares as
part of their portfolio and the combined weightage of these holdings of up to
7.77 percent.
Those closely following the fortune of the company may know
that the stock has depreciated by nearly
half since its market debut in May earlier this year.
Interestingly Morgan Stanley was the lead underwriter to the
company's IPO and has been the butt of snide remarks that it has been
responsible for creating the hype around the issue, in which millions of
investors have burnt their fingers.
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There is no doubt that the stock's shaky foundations is a
drag on the funds' performance. The large exposure to the stock might mean that
the brokerage itself bought the Facebook story and it genuinely believed that
Facebook was a company for the long term.
On a separate note, there are developments afoot at Facebook
headquarters which suggest that the company is serious about the mobile space,
where about roughly half of its subscriber base has moved.
Probably stung by incessant criticism that the company is
unable to monetise its mobile user base, the company has now come out with a
Facebook application meant for Apple's iOS.
According to reports, Facebook has said that the new app
will be faster and more responsive than the existing one. Available for
download from iTunes, it is supposed to give a superior performance.
The new version has been re-built from the ground-up and is
faster in almost every way. It now starts up twice as fast as it did previously.
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