⁍ Morgan Stanley MS.N has agreed to buy Eaton Vance Corp EV.N for about $7 billion in a cash-and-stock deal.
⁍ The transaction is the latest move by Chief Executive James Gorman to reshape Morgan Stanley into one of the biggest global money managers.
⁍ Morgan Stanley’s wealth management and investment management businesses already account for 40-50% of the bank’s revenue.
– Morgan Stanley has agreed to buy Eaton Vance for $7 billion in cash and stock in a deal that will make the bank one of the world’s biggest money managers, Reuters reports. Morgan Stanley’s wealth management and investment management businesses already account for 40% to 50% of the bank’s revenue. Combining with Eaton Vance will more than triple combined assets under management within investment management, and boost that segment’s annual revenue by about a third. “Eaton Vance is a perfect fit,” Morgan Stanley’s CEO said. The deal, which still needs the approval of Eaton Vance’s shareholders, will create a firm with $1.2 trillion in assets under management.
Source: https://www.reuters.com/article/eaton-vance-ma-morgan-stanley/update-4-morgan-stanley-to-buy-eaton-vance-for-7-bln-in-asset-management-push-idUSL4N2GZ2FF