Morgan Stanley Faces Fund Troubles

The Wall Street Journal reports:

Morgan Stanley has been forced to return about $700 million to investors in its flagship global real-estate fund and to slash fees to persuade them to stick with the firm after a lackluster performance by the fund group, according to people familiar with the matter.

The moves enabled the Wall Street firm to win a crucial investor vote on the future of its $4.7 billion global-real-estate fund this month.