Insight Article Desktop Banner
 
 
Insight Article
  •  
August 09, 2021

Alternative Lending Through the Cycle

Insight Video Mobile Banner
 
August 09, 2021

Alternative Lending Through the Cycle


Insight Article

Alternative Lending Through the Cycle

Share Icon

August 09, 2021

 
 

As fintech alternative lending grew into a new asset class, investors wondered how these loans might perform in an economic downturn. Each recession is different, but we now have instructive data.

 
 

The asset class was not immune to the havoc wreaked during the acute initial phase of the pandemic, but unsecured consumer alternative loans originated before the onset of COVID-induced shutdowns broadly exhibited fundamental resilience. Furthermore, impaired loans  rebounded  rapidly as economic conditions stabilized. For consumer loans originated after COVID’s onset, the marketplace model that alternative lenders use for matching consumer borrowers with loan investors drove rapid recalibration in underwriting standards, reflecting changed economic realities. Tighter credit conditions and higher interest rates on new loans compensated investors for both heightened risk and heightened risk aversion.

We believe three metrics are of critical importance as investors evaluate fintech alternative lending’s performance through the pandemic: how much the loan impairment rate increased relative to the sharp change in the U.S. unemployment rate, how long the loan impairment rate remained elevated, and what percentage of impaired loans ultimately resulted in charge-offs—defaulted loans removed from the books or marked down to low expected recovery values. On these metrics, alternative lending availed itself admirably. Display 1 illustrates the resilient performance of consumer unsecured loans in the face of a spike in unemployment.

 
 
 
DISPLAY 1: Consumer Unsecured Loan Default Rate vs. Unemployment (2017-2021)
 

Source: Consumer Unsecured Benchmark CDR: dv01, as of June 30, 2021

Quarterly Unemployment Rate: https://fred.stlouisfed.org/series/UNRATE#0, as of June 30, 2021

Conditional Default Rate (CDR) represents the amount charged-off in a given month divided by the start-of-month balance and then annualized.

 
 

How Do Changes in the Unemployment Rate Affect Changes in the Consumer Loan Charge-Off Rate?

When evaluating the expected performance of consumer alternative loans through a downturn, we use an intellectual framework that models the expected change in the consumer alternative loan charge-off rate as a lagged function of the unemployment rate change. This framework is informed by historical credit card data that tracks consumer charge-off trends over extended periods of time, including multiple prior recessions. Of course, behavior of the American consumer through prior recessions was no guarantee of how consumers would behave post-COVID— particularly given that the pandemic lacked recent historical precedent. Furthermore, while credit card lending is also a form of unsecured consumer lending, we recognize that it provides an imperfect proxy for consumer alternative lending. Credit card loans might sit higher in borrowers’ payment priority hierarchies than do loans facilitated by alternative lenders. Conversely, alternative loans generally repay via automated pulls directly from borrowers’ bank accounts, and they typically amortize rather than revolve like credit card loans.

Display 2 shows that, pre-COVID, changes in consumer credit card delinquencies broadly tracked changes in the unemployment rate—both up and down. For example, both spiked during the Global Financial Crisis (GFC) but normalized soon thereafter. However, the trend was much less clear through the COVID period, with changes in delinquencies remaining much more stable than would have been expected given rapid changes in the unemployment rate.

 
 
 
DISPLAY 2: Changes in Credit Card Delinquency Rate Have Historically Mirrored Changes in Unemployment Rate (1991-2021)
 

Source: Based on quarter-over-quarter absolute change in credit card delinquency rate from 03/31/1991 - 03/31/2021 per Federal Reserve data (https://fred.stlouisfed.org/series/DRCCLACBS), as well as quarter-over-quarter absolute change in average quarterly unemployment rate derived from each end of month datapoint calculated using a simple average for the three months included in each calendar quarter from 03/31/1991 - 03/01/2021 per Federal Reserve data (https://fred.stlouisfed.org/series/ UNRATE). Derived from analysis by Upstart Network, Inc.

 
 

Similarly, while the explanatory power is limited, regression of pre-COVID historical credit card data demonstrated roughly a 1:1 relationship between unemployment rate change and credit card charge-off rate change on a three-month lag. The regression suggested that any expected increase in charge-off rate following a rise in the unemployment rate typically would only apply to the period immediately following the unemployment rate increase. Afterwards, the charge-off rate would be expected to stabilize. Likewise, the charge-off rate would be expected to fall following an unemployment rate decline, which is typical after a recession. With this framework, it is important to remember that changes in the charge-off rate are annualized, so the duration of unemployment rate increase is critical when thinking about the prospects for alternative loans underwritten in advance of a downturn.

For reasons we will discuss in the following section, changes in delinquencies and charge-offs proved less correlated with changes in unemployment through the COVID period. As illustrated by Displays 1 and 2, consumers showed strong resilience despite the dramatic swings in unemployment as the pandemic unfolded.

Charge-Off Rate Change Expectations Based on History Did Not Reflect Positive Factors at Work Post-COVID

Pre-COVID historical credit card data stemmed from prior recessionary periods that lacked the truly unprecedented fiscal and monetary stimulus measures put in place starting in Spring 2020. Those stimulus efforts likely reduced the pass-through from unemployment rate changes to lagged changes in the loan charge-off rate. Furthermore, U.S. households significantly reduced their aggregate debt relative to GDP in the aftermath of the GFC. They also entered the COVID crisis with debt service ratios at low levels not seen in decades.1

Industry-level data from the lending analytics firm dv01 highlights the U.S. consumer’s resilience during the pandemic. Display 3 shows that from the beginning of March 2020 to the end of May 2020, change in the rate of unsecured consumer alternative loan impairment (including both delinquent and modified loans) was in line with change in the official U.S. unemployment rate. However, the impairment rate change was well below change in Morgan Stanley Research’s estimate of the adjusted unemployment rate, after correcting for undercounting in the official rate.2 Furthermore, both the unemployment rate and the loan impairment rate trended down as the economy began to recover.

 
 
 
DISPLAY 3: Post-COVID Changes in Alternative Loan Impairment Rate and Unemployment Rate
 

See Glossary for definition of loan impairment. Source: dv01 – Loans in the dv01 dataset had a weighted average original FICO score of 703, weighted average coupon of 15.2% and weighted average balance of approximately $12,900 as of March 31, 2021; https://www.bls.gov/news.release/empsit.t15.htm, and https:// ny.matrix.ms.com/eqr/article/webapp/495476fc-93b4-11eb-be2a-2ded72795adb?ch=rpint&sch=sr&sr=58.

 
 

What Could This Mean for Investing in Alternative Loans Going Forward?

Not surprisingly, the performance of alternative lending was influenced by the pace of employment recovery, with divergent outcomes across different groups of consumers. Consumers’ willingness and ability to service debts was influenced by their financial histories, balance sheets, incomes, types of employment and states of residence— with COVID-19 likely amplifying the effects of all these variables. Alternative lending’s differentiated underwriting may take these factors, and many more, into consideration when determining whether a loan should be extended and at what risk-adjusted pricing.

Performance also may differ across loan vintages. In certain cases, seasoned, partially amortized loans may prove to be less sensitive to acute changes in the economic backdrop than similar but less seasoned loans underwritten just before a downturn. Contractual monthly principal amortization may naturally reduce a borrower’s propensity to default as the loan progressively pays down. Furthermore, newly originated alternative loans underwritten after the onset of the COVID downturn typically reflected changed economic circumstances through tightened credit standards and higher borrower interest rates.

From an investor’s perspective, reinvesting cash flows from alternative loans already in a portfolio into new alternative loans may facilitate vintage diversification that may reduce recession sensitivity. Over time, vintage diversification also may allow portfolios to reflect changing economic conditions in terms of varying credit standards and borrower rates across portfolio vintages (Display 4). In our view, loan vintage diversification provides a powerful risk management tool for investors in alternative loans that may not be as available to investors in traditional corporate credit portfolios which repay principal only at maturity.

 
 
 
DISPLAY 4: Reinvesting Cash Flows from Alternative Loans Facilitates Vintage Diversification
 

Diversification does not eliminate the risk of loss.

Source: AIP Alternative Lending Group. The chart assumes a simplified illustrative $100MM portfolio of loans with a 7% coupon rate. The chart also assumes no losses or prepayments, and $20 million of additional investments each month. It further assumes that the first investment was made on 12/31/19 and that all interest and principal payments from the loans were re-invested into new vintages on a monthly basis.

 
 

Conclusion

We view the performance of unsecured consumer lending through the COVID pandemic as evidence of the asset class’s fundamental resilience. In up and down markets, we believe that diversified exposure to alternative loans across regions, sectors, platforms and vintages remains the best way to access the asset class. Alternative lending may diversify both traditional and private credit allocations.

 
 

1 Kenneth Michlitsch, “Alternative Lending: Why Today and Through the Credit Cycle?,” December 2, 2019, https://www.morganstanley.com/im/en-us/ institutional-investor/insights/investment-insights/alternative-lending-why-today-and-through-the-credit-cycle.html

2 Morgan Stanley Research, US Economics | North America, “May Payroll: The Beginning of the Reopening Bounce,” June 5, 2020.


 
ken.michlitsch
Managing Director
 
 
 
 

GLOSSARY

Impaired Loan: A loan is impaired when a borrower’s credit worthiness weakens.

DISCLAIMERS

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions, and may not necessarily come to pass. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the firm offers.

This piece is a general communication, which is not impartial, and has been prepared solely for informational purposes and is not a recommendation, offer, or a solicitation of an offer, to buy or sell any security or instrument or to participate in or adopt any trading or other investment strategy. This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Certain information contained herein constitutes forward-looking statements, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or other comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements.

Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. All investments involve risks, including the possible loss of principal. Persons considering an alternative investment should refer to the specific fund’s offering documentation, which will fully describe the specific risks and considerations associated with a specific alternative investment.

Morgan Stanley AIP GP LP, its affiliates and its and their respective directors, officers, employees, members, general and limited partners, sponsors, trustees, managers, agents, advisors, representatives, executors, heirs and successors shall have no liability whatsoever in connection with any person’s or entity’s receipt, use of or reliance upon any information in this piece or in connection with any such information’s actual or purported accuracy, completeness, fairness, reliability or suitability.

ADDITIONAL RISKS

Alternative investments are speculative, involve a high degree of risk, are highly illiquid, typically have higher fees than other investments, and may engage in the use of leverage, short sales, and derivatives, which may increase the risk of investment loss. These investments are designed for investors who understand and are willing to accept these risks. Performance may be volatile, and an investor could lose all or a substantial portion of its investment.

Global Pandemics. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. It is difficult to predict when events may occur, the effects they may have (e.g. adversely affect the liquidity of the portfolio), and the duration of those effects.

REITs. A security that is usually traded like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. The risks of investing in Real Estate Investment Trusts (REITs) are similar to those associated with direct investments in real estate: lack of liquidity, limited diversification, ad sensitivity to economic factors such as interest rate changes and market recessions. Loans May Carry Risk and be Speculative. Loans are risky and speculative investments. If a borrower fails to make any payments, the amount of interest payments received by the alternative lending platform will be reduced. Many of the loans in which the alternative lending platform will invest will be unsecured personal loans. However, the alternative lending platform may invest in business and specialty finance, including secured loans. If borrowers do not make timely payments of the interest due on their loans, the yield on the alternative lending platform’s investments will decrease. Uncertainty and negative trends in general economic conditions in the United States and abroad, including significant tightening of credit markets, historically have created a difficult environment for companies in the lending industry. Many factors may have a detrimental impact on the Platforms’ operating performance and the ability of borrowers to pay principal and interest on loans. These factors include general economic conditions, unemployment levels, energy costs and interest rates, as well as events such as natural disasters, acts of war, terrorism and catastrophes. Prepayment Risk. Borrowers may have the option to prepay all or a portion of the remaining principal amount due under a borrower loan at any time without penalty. In the event of a prepayment of all (or a portion of) the remaining unpaid principal amount of a borrower loan in which alternative lending platform invests, the alternative lending platform will receive such prepayment but further interest will not accrue on such loan (or the prepaid portion, as applicable) after the date of the prepayment. When interest rates fall, the rate of prepayments tends to increase (as does price fluctuation). Default Risk. Loans have substantial vulnerability to default in payment of interest and/or repayment of principal. In addition, at times the repayment of principal or interest may be delayed. Certain of the loans in which the alternative lending platform may invest have large uncertainties or major risk exposures to adverse conditions, and should be considered to be predominantly speculative. Loan default rates may be significantly affected by economic downturns or general economic conditions beyond the alternative lending platform’s control. Any future downturns in the economy may result in high or increased loan default rates, including with respect to consumer credit card debt. The default history for loans may differ from that of the alternative lending platform’s investments. However, the default history for loans sourced via Platforms is limited, actual defaults may be greater than indicated by historical data and the timing of defaults may vary significantly from historical observations. The Platforms make payments ratably on an investor’s investment only if they receive the borrower’s payments on the corresponding loan. Further, investors may have to pay a Platform an additional servicing fee for any amount recovered on a delinquent loan and/ or by the Platform’s third-party collection agencies assigned to collect on the loan. Credit Risk. Credit risk is the risk that a borrower or an issuer of a debt security or preferred stock, or the counterparty to a derivatives contract, will be unable to make interest, principal, dividend or other payments when due. In general, lower rated securities carry a greater degree of credit risk. If rating agencies lower their ratings of securities in the alternative lending platform’s portfolio or if the credit standing of borrowers of loans in the alternative lending platform’s portfolio decline, the value of those obligations could decline. In addition, the underlying revenue source for a debt security, a preferred stock or a derivatives contract may be insufficient to pay interest, principal, dividends or other required payments in a timely manner. Even if the borrower or issuer does not actually default, adverse changes in the borrower’s or issuer’s financial condition may negatively affect the borrower’s or issuer’s credit ratings or presumed creditworthiness. Limited Secondary Market and Liquidity of Alternative Lending Securities. Alternative lending securities generally have a maturity between one to seven years. Investors acquiring alternative lending securities directly through Platforms and hoping to recoup their entire principal must generally hold their loans through maturity. There is also currently no active secondary trading market for loans, and there can be no assurance that such a market will develop in the future. High-Yield Instruments and Unrated Debt Securities Risk. The loans purchased by the alternative lending platform are not rated by an NRSRO. In evaluating the creditworthiness of borrowers, the Adviser relies on the ratings ascribed to such borrowers by the relevant Platform or otherwise determined by the Adviser. The analysis of the creditworthiness of borrowers of loans may be a lot less reliable than for loans originated through more conventional means. The market for high-yield instruments may be smaller and less active than those that are higher rated, which may adversely affect the prices at which the alternative lending platform’s investments can be sold. Leverage Risk: The Fund is permitted to use any form or combination of financial leverage instruments, and such use of leverage may expose the Fund to greater risk and increased costs; there is no assurance that the Fund’s leveraging strategy will be successful.

DISTRIBUTION

This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.

United Kingdom: Morgan Stanley Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA, authorised and regulated by the Financial Conduct Authority. Dubai: Morgan Stanley Investment Management Limited (Representative Office, Unit Precinct 3-7th Floor-Unit 701 and 702, Level 7, Gate Precinct Building 3, Dubai International Financial Centre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 709 7158). Germany: Morgan Stanley Investment Management Limited Niederlassung Deutschland Junghofstrasse 13-15 60311 Frankfurt Deutschland (Gattung: Zweigniederlassung (FDI) gem. § 53b KWG). Italy: Morgan Stanley Investment Management Limited, Milan Branch (Sede Secondaria di Milano) is a branch of Morgan Stanley Investment Management Limited, a company registered in the U.K., authorised and regulated by the Financial Conduct Authority (FCA), and whose registered office is at 25 Cabot Square, Canary Wharf, London, E14 4QA. Morgan Stanley Investment Management Limited Milan Branch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni Corso Venezia, 16 20121 Milano, Italy, is registered in Italy with company number and VAT number 08829360968. The Netherlands: Morgan Stanley Investment Management, Rembrandt Tower, 11th Floor Amstelplein 1 1096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan Stanley Investment Management is a branch office of Morgan Stanley Investment Management Limited. Morgan Stanley Investment Management Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Switzerland: Morgan Stanley & Co. International plc, London, Zurich BranchI Authorised and regulated by the Eidgenössische Finanzmarktaufsicht (“FINMA”). Registered with the Register of Commerce Zurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002 Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0)44 588 1074.

U.S.: A separately managed account may not be suitable for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2. Please consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectuses contain this and other information about the funds. To obtain a prospectus please download one at morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Japan: For professional investors, this document is circulated or distributed for informational purposes only. For those who are not professional investors, this document is provided in relation to Morgan Stanley Investment Management (Japan) Co., Ltd. (“MSIMJ”)’s business with respect to discretionary investment management agreements (“IMA”) and investment advisory agreements (“IAA”). This is not for the purpose of a recommendation or solicitation of transactions or offers any particular financial instruments. Under an IMA, with respect to management of assets of a client, the client prescribes basic management policies in advance and commissions MSIMJ to make all investment decisions based on an analysis of the value, etc. of the securities, and MSIMJ accepts such commission. The client shall delegate to MSIMJ the authorities necessary for making investment. MSIMJ exercises the delegated authorities based on investment decisions of MSIMJ, and the client shall not make individual instructions. All investment profits and losses belong to the clients; principal is not guaranteed. Please consider the investment objectives and nature of risks before investing. As an investment advisory fee for an IAA or an IMA, the amount of assets subject to the contract multiplied by a certain rate (the upper limit is 2.16% per annum (including tax)) shall be incurred in proportion to the contract period. For some strategies, a contingency fee may be incurred in addition to the fee mentioned above. Indirect charges also may be incurred, such as brokerage commissions for incorporated securities. Since these charges and expenses are different depending on a contract and other factors, MSIMJ cannot present the rates, upper limits, etc. in advance. All clients should read the Documents Provided Prior to the Conclusion of a Contract carefully before executing an agreement. This document is disseminated in Japan by MSIMJ, Registered No. 410 (Director of Kanto Local Finance Bureau (Financial Instruments Firms)), Membership: The Investment Trusts Association, Japan, the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association.

Hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong. Singapore: This document should not be considered to be the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor under section 304 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), (ii) to a “relevant person” (which includes an accredited investor) pursuant to section 305 of the SFA, and such distribution is in accordance with the conditions specified in section 305 of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accept responsibility for its contents. This publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act.

Morgan Stanley Distribution, Inc. serves as the distributor for Morgan Stanley Funds.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A BANK DEPOSIT

IMPORTANT INFORMATION

EMEA: This marketing communication has been issued by Morgan Stanley Investment Management Limited (“MSIM”). Authorised and regulated by the Financial Conduct Authority. Registered in England No. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA.

There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the strategy’s/product’s relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles. A separately managed account may not be suitable for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. The views and opinions are those of the author or the investment team as of the date of preparation of this material and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment teams at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers. Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific Morgan Stanley Investment Management product. Certain information herein is based on data obtained from third party sources believed to be reliable. However, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness. This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This material is a general communication, which is not impartial and has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. All investments involve risks, including the possible loss of principal. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto.

MSIM has not authorised financial intermediaries to use and to distribute this document, unless such use and distribution is made in accordance with applicable law and regulation. Additionally, financial intermediaries are required to satisfy themselves that the information in this document is suitable for any person to whom they provide this document in view of that person’s circumstances and purpose. MSIM shall not be liable for, and accepts no liability for, the use or misuse of this document by any such financial intermediary.

This document may be translated into other languages. Where such a translation is made this English version remains definitive. If there are any discrepancies between the English version and any version of this document in another language, the English version shall prevail. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without MSIM’s express written consent.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

All information contained herein is proprietary and is protected under copyright and other applicable laws.

 

Nutzer müssen die Nutzungsbedingungen lesen und akzeptieren, da in diesen bestimmte gesetzliche und regulatorische Auflagen enthalten sind, die für die Verbreitung von Informationen zu den Anlageprodukten von Morgan Stanley Investment Management gelten.

Die auf dieser Website beschriebenen Dienstleistungen sind unter Umständen nicht in allen Rechtsgebieten oder für alle Kunden verfügbar. Weitere Einzelheiten können aus unseren Nutzungsbedingungen entnommen werden.


Datenschutz    •    Nutzungsbedingungen

©  Morgan Stanley. Alle Rechte vorbehalten.