News Formal

Morgan Stanley to buy Eaton Vance for $7 billion in investment-management push

  • 📰 Reuters
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Morgan Stanley has agreed to buy Eaton Vance Corp for about $7 billion in a cash-and-stock deal that can quickly expand its investment-management business and add more offerings for retail investors, the bank said on Thursday.

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California, Sept. 24, 2013. REUTERS/Mike Blake/File Photo

Subject to regulatory approvals, the two companies expect the transaction to close in the second quarter of 2021. The most emblematic deal of his tenure was Morgan Stanley’s decision to buy Smith Barney, which was announced in 2009 when he ran the bank’s wealth management business. Gorman was crucial in forging the massive deal, and combining the two companies became his chief task when he was elevated to CEO the next year.

After the financial crisis, executives tried without much success in turning around performance. The crisis crushed values in some funds, especially real estate, while FrontPoint, a prominent hedge fund it owned, got entangled in insider trading charges.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Morgan Stanley: Utility stocks to benefit from a blue sweep - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Looking for a Creative Logo, Business Logo, Travel Logo, Branding Logo, Company Logo, Professional Logo, Minimalist Logo, Flat Logo, Logo Design. contact me:
Source: BusinessInsider - 🏆 729. / 51 Read more »

Investing strategy, what to buy if interest rates rise: Morgan Stanley - Business InsiderMORGAN STANLEY: High-growth tech stocks are entering a dangerous phase that is being mostly overlooked. These 3 trades can help investors profit while minimizing the risk to their portfolios.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Morgan Stanley: The 11 most likely mega-mergers in the oil industry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »