Morgan Stanley Investment Management took a loss of $129m (€90m) on its holdings of securities issued by structured investment vehicles in the fourth quarter, which pulled down profit margins and contributed to $5.2bn in fund outflows from short-term money market funds.

Morgan Stanley joins Credit Suisse, which took at Sfr146m ($127m) charge for its SIV related holdings in its third quarter results. Structured investment vehicles issue short-term commercial paper, which is typically bought by money market funds.