With $20 billion in deals this year, Morgan Stanley pivots further away from risky Wall Street

Gareth Jones

October 9, 2020

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Gareth Jones

wealth management

Now, after $20 billion worth of recent deals, Morgan Stanley, will get well over half its revenue from fees related to wealth and investment management – owning a mutual fund factory with $1.2 trillion in assets and one of the world’s biggest armies of financial advisors to distribute them.

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Morgan Stanley CEO James Gorman has just completed a pivot that began more than a decade ago. Morgan Stanley is acquiring investment manager Eaton Vance for $7 billion, Gorman is adding heft and scale to the smallest of the New York-based bank’s three main businesses: the manufacturer of mutual funds and other investments. It completes Morgan Stanley’s shift from being a firm dominated by traders and investment bankers to one where the more subdued and dependable management of money rules.

https://www.cnbc.com/2020/10/08/with-20-billion-in-deals-this-year-morgan-stanley-pivots-further-away-from-risky-wall-street.html