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

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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.

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