Advantage sale rumours denied

Morgan Stanley has publicly denied rumours that Credit Suisse has submitted an offer to snap up the shell of Advantage, its defunct UK lending arm. But a source inside the US investment firm has confirmed it is considering offers for the business. Advantage ceased trading on February 13 following the withdrawal of its HomeBuy and Flexishare products in December. At the time of the closure, a spokeswoman for Morgan Stanley said it also planned to scale back its US residential business. A statement from Morgan Stanley claimed some 1,000 employees in the US and the UK would be affected by a restructure of its mortgage business. Anthony Meola, chief operating officer of Morgan Stanley’s US residential business, says: “Given the continuing dislocation in the mortgage market, we have restructured our business to ensure we are well positioned.”