Government of Singapore Investment Corp. said it more than doubled its stake in China International Capital Corp., making it the second-largest shareholder of the first Sino-foreign investment bank.

GIC, the manager of more than US$100 billion ($131 billion) of Singapore’s reserves, increased its stake to more than 16.35% from 7.35%, Jennifer Lewis, spokeswoman of the city’s sovereign wealth fund, said today in response to a query. The stake was bought from Morgan Stanley.

GIC said in its annual report this year that it will boost investments in higher-growth emerging economies, especially in Asia, as expansion in developed nations slows. The fund aims to increase the proportion of investments in public equities and private assets in emerging markets to the “high teens” over time from 12% to 13% at the end of March.

The sale will end Morgan Stanley’s 15-year involvement in CICC, the top-ranked underwriter of share sales in China. The US firm, which ceded management control of CICC a decade ago, plans to form a partnership with Shenzhen-based China Fortune Securities Co.