Morgan Stanley

Short sales in the stock of XL Capital increased sharply on NYSE in September but there is no hard evidence that investors were acting on pre knowledge of the terrorist attacks in New York.Short sales of XL stock amounted to

Anne Kast, the Bermuda-based investment advisor who runs the Bermuda Insurance Index Fund, may have been ruing the timing of a recent full-page advertisement in The Royal Gazette newspaper. In an effort to drum up business for the fund, which was launched last year at $10 and is now at $9.40, readers were treated to massively optimistic buy recommendations of Bermuda's insurance stocks from analysts such as Morgan Stanley, Prudential, Merrill Lynch and Warburg Dillon.

Norman Rosenthal, a senior securities analyst with Wall Street investment firm Morgan Stanley, heaped praise on the Bermuda insurance and reinsurance market yesterday.Mr. Rosenthal, whom the press had been notified in advance was a hard-hitting talker, didn't have a bad word to say about the island's industry during an address yesterday at a lunch organised by Bermuda Insurance Institute.

In the Matter of Morgan Stanley Offshore Investment Company Ltd. - Grand Court of the Cayman Islands