MSIM option strategy set for payout

Manager has spent over $400 million buying options that have yet to generate returns – until now


After years of lost option premiums, Morgan Stanley Investment Management’s bet on a weakened Chinese renminbi may finally pay off.

The recent drop in the offshore Chinese currency against the dollar has propelled one of the manager’s option positions into the money, making it the first time any position has been close to paying out in five years of running the strategy.

Totalling $9.4 billion notional with Goldman Sachs as the counterparty, the bought call options are on the books for at

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