Morgan Stanley: buys US asset manager Eaton Vance
(CercleFinance.com) - Morgan Stanley said on Thursday that it will acquire US asset manager Eaton Vance in a move that will bolster its investment banking and institutional securities franchise.
The Wall Street firm said it has entered into a definitive agreement under which it will acquire the company, which specialises in investment strategies and wealth management, based on an equity value of approximately 7 billion dollars.
Eaton Vance was formed in 1924 and provides active management, responsible investing, and customised implementation of client-specified portfolio exposures.
With the addition of Eaton Vance, Morgan Stanley will now oversee 4.4 trillion dollars of client assets and assets under management across its wealth management and investment management units.
The acquisition is expected to close in the second quarter of 2021.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Wall Street firm said it has entered into a definitive agreement under which it will acquire the company, which specialises in investment strategies and wealth management, based on an equity value of approximately 7 billion dollars.
Eaton Vance was formed in 1924 and provides active management, responsible investing, and customised implementation of client-specified portfolio exposures.
With the addition of Eaton Vance, Morgan Stanley will now oversee 4.4 trillion dollars of client assets and assets under management across its wealth management and investment management units.
The acquisition is expected to close in the second quarter of 2021.
Copyright (c) 2020 CercleFinance.com. All rights reserved.