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The Euromoney 25

Morgan Stanley: Two strategic deals bring Gorman’s vision closer

The investment bank profited in markets and capital raising, as acquisitions set it up for the future

Jonathan-Pruzan-Morgan-Stanley-960.png
Morgan Stanley’s chief financial officer Jonathan Pruzan

Ever since the great financial crisis, management at Morgan Stanley has laid out a vision to marry its fabled global investment bank to world-class wealth management and investment management businesses.

The aim is to reduce exposure to tail risks and draw more revenue and profit from low-capital consuming and stable fee-earning activities.

The first big push came in 2009 with the purchase from Citi of a majority stake in Smith Barney and its army of financial advisers. That led to a full takeover in 2012.

In 2020, the firm put on a second shove with two big strategic deals. In February, it announced the acquisition of E*Trade, an electronic brokerage that brings over 5.2 million self-directed customers. It completed that deal in October.

The firm then announced the acquisition of investment manager Eaton Vance, which adds another $500 billion of assets under management (AuM) to the $715 billion already at Morgan Stanley Investment Management (MSIM).

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