Morgan Stanley is looking to add employees of startup companies as wealth management clients as U.S. investment banks prepare for a revival of initial public offerings. Last week, the bank signed an agreement with Carta, a shareholder management company for startups backed by private equity and venture capital firms. Carta estimates about 2,000 of its 40,000 clients are headed toward an IPO.
"Participants within these companies will need not just equity administration, but all the advice, guidance and financial planning that comes with a significant liquidity event," Jed Finn, head of Morgan Stanley Wealth Management, said in a statement.