Morgan Stanley & Co. on Wednesday said it was adding a number of senior ETrade Financial Corp. executives as the firms continue their integration in the wake of last year's acquisition of ETrade.
Morgan Stanley is putting the finishing touches onto its purchase. In April, the wirehouse said it was selling ETrade's small but promising custody service, ETrade Advisor Services, for $55 million in cash.
The moves were outlined in an internal Morgan Stanley memo from Andy Saperstein, co-president.
"By joining forces with ETrade, we’ve established a dominant position in the Advisor, Workplace and Direct channels and we’re poised to continue leading and reshaping our industry," Saperstein wrote. "Over the past year I’ve really enjoyed getting to know our new colleagues from ETrade. I’ve been deeply impressed by the talent in the organization."
Chad Turner, ETrade's CFO, will lead the digital direct business; Andrea Zaretsky, ETrade's chief marketing officer, will be in the same position for wealth management. Another seven ETrade executives were also given Morgan Stanley spots.
Morgan Stanley said in February 2020 that it was buying ETrade Financial for $13 billion in stock. The investment bank has benefitted from ETrade’s direct, online access to a younger group of clients, but the financial advice industry was watching the merger closely.
Oregon-based Eagle Wealth Management and Idaho-based West Oak Capital give Mercer 11 acquisitions in 2025, matching last year's total. “We think there's a great opportunity in the Pacific Northwest,” Mercer's Martine Lellis told InvestmentNews.
Osaic has now paid $17.2 million to settle claims involving former clients of Jim Walesa.
Osaic-owned CW Advisors has added more than $500 million to reach $14.5 billion in AUM, while Apella's latest deal brings more than $1 billion in new client assets.
The up-and-coming Los Angeles-based RIA is looking to tap Merchant's resources to strengthen its alts distribution, advisor recruitment, and family office services.
US wealth advisory business will get international footprint boost with new tie-ups.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
