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Why Morgan Stanley is buying investment manager Eaton Vance - Business Insider

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Why Morgan Stanley's $7 billion bid for a storied asset manager gives it a 'remarkable leg up' on rivals and signals more deals to come

Morgan Stanley will buy asset manager Eaton Vance in a deal valued at $7 billion, the firms said on Thursday, in the latest sign of widespread consolidation in the money-management industry.

Morgan Stanley's move underlines its own transformation and the realities of pressured mid-sized asset managers that need size to survive. Eaton Vance would beef up Morgan Stanley's position in customizable fund offerings, with Eaton Vance's Parametric funds, and "But in terms of scaling investment management with funds, it would be difficult to do that organically. With acquisitions, they are able to move up the league tables in terms of asset management," Leon said. On a conference call to discuss the deal with analysts on Thursday morning, Gorman said the tie-up fit into Morgan Stanley's shift to "more balance sheet-light, more durable businesses.

Bathon emphasized the benefit for Morgan Stanley of having Calvert's capabilities, with sustainable investing products for clients a growing trend, one that has attracted aAnd he called the Eaton Vance-owned Parametric mutual fund family, comprised of custom-made separately managed accounts, a "prize" in this deal.

 

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