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Don’t Ever Sneak Up On Morgan Stanley Like That Again

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Morgan Stanley’s quantitative strategies group, which lost $480 million during the quarter ended August 31, disclosed in a regulatory filing today that out of its 14 losing days, on its best one, $390 million was misplaced. The securities firm said that it was “caught off guard” by “widespread” investor selling, which their models had not been designed to account for.
Morgan Stanley Traders Lost $390 Million in One Day in August [Bloomberg]