Morgan Stanley is to exit its Indian joint venture and buy out its partner's share for $445 million. Morgan Stanley has been in a partnership with local firm JM Financial, but has announced it will buy out the venture's institutional equities, sales trading and research platform for $445 million, while JM Financial will pay the US bank $20 million for the investment banking, fixed income and retail operations. "It is now the right time for Morgan Stanley to develop a wholly-owned full service India platform," said Hans Schuettler, Morgan Stanley Asia's chief executive. Morgan Stanley is the second US major to split with its Indian partner recently, after Goldman Sachs made a similar move last year.