2340 GMT - Morgan Stanley analysts are surprised that HMC Capital opted to establish its new private-equity fund with existing money. They tell clients in a note that they had expected the Australian investment manager to establish the fund with net new inflows. With HMC paying out A$150 million of distributions from its initial fund, the MS analysts point out that the second fund will commence with a smaller asset pool than the first. Lowering their assumptions around asset-under-management growth, the MS analysts cut their target price by 40% to A$7.35 and keep an equal-weight rating on the stock. Shares are down 0.8% at A$5.96. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 01, 2025 19:40 ET (23:40 GMT)

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