shopping

Morgan Stanley still shopping, buys Eaton Vance for $7B

NEW YORK (AP) — Morgan Stanley will buy the investment management firm Eaton Vance in a deal valued at about $7 billion.

Morgan Stanley has actively gone after potential targets this year. The prosed acquisition Thursday comes just days after it closed on one of the biggest deals on Wall Street since the 2008 financial crisis, the $13 billion takeover of E-Trade Financial.

Eaton Vance, based in Boston, has over $500 billion in assets under management.

Morgan Stanley Chairman and CEO James P. Gorman said in a prepared statement Thursday that Eaton Vance will add more fee-based revenues to its investment banking and institutional securities franchise. The deal will give Morgan Stanley’s investment management arm approximately $1.2 trillion of assets under management and more than $5 billion of combined revenues.

Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833 of Morgan Stanley common stock, or approximately $56.50

Read More Read more
gift

Jewish Future Pledge Announces Collaboration with Morgan Stanley GIFT to Advance Faith-Based Giving Initiative

The MarketWatch News Department was not involved in the creation of this content.


BOCA RATON, Fla., Sept. 30, 2020 /PRNewswire via COMTEX/ —
BOCA RATON, Fla., Sept. 30, 2020 /PRNewswire/ — Today, the Jewish Future Pledge—a non-profit initiative that calls on Jewish donors to earmark at least 50% of the charitable giving in their estate plan to Jewish or Israel-related causes— announced a new collaboration with Morgan Stanley’s charitable giving vehicle, Morgan Stanley GIFT, a donor advised fund, as part of the financial services company’s faith-based giving and investing initiative.

According to a 2020 report by Giving USA, religious contributions make up the largest percentage of total charitable contributions in the U.S. – and Morgan Stanley has placed focus in recent years in supporting clients in translating their faith-based values into their charitable contributions and investments. Morgan Stanley GIFT and the Jewish Future Pledge (“The Pledge”) plan to work together

Read More Read more