Morgan Stanley and Dresdner Kleinwort are holding a $2.5 billion stake in HBOS after managing to find buyers for part of the rump stake in the otherwise disappointing rights issues for the British bank.Shareholders bought only eight per cent of the £4 billion in shares sold through the rights issues for HBOS (the owner of BankWest in Australia). The two underwriters then managed to place about a third of the so-called rump in a placement last night, leaving the  underwriters and sub-underwriters still holding more than 60 per cent of the new capital raised by HBOS.