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The Economic Times

Global Business / The Economic Times

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Morgan Stanley was among first global banks to back MFS before boom and bust

Morgan Stanley initially backed British private credit firm Market Financial Solutions (MFS) before its collapse under $2.4 billion in debt. Documents reveal the US investment bank bought 50 million in loan notes from a company controlled by MFS founder Paresh Raja. This early support lent credibility to MFS, which later attracted major banks like HSBC, Barclays, and Wells Fargo, before facing regulatory investigations and significant creditor losses.

25 Jun 2026 4:22 pm