It’s final: Morgan Stanley owns Eaton Vance
CEO James Gorman says the acquisition advances the wirehouse's 'transformation’ by adding fee-based business.
Morgan Stanley has completed its $7 billion acquisition of Eaton Vance in a transaction in which the fund firm’s shareholders could receive shares or cash.
The acquisition “further advances our strategic transformation by continuing to add more fee-based revenues,” James P. Gorman, chairman and CEO of Morgan Stanley, said in a release.
Thomas E. Faust, Jr., chairman and CEO of Eaton Vance, has become chairman of Morgan Stanley Investment Management and will join the parent firm’s management committee.
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