A pair of publicly traded firms, one a giant investment bank and the other a multi-boutique asset manager, both wrapped up asset management acquisitions earlier this week.
| Thomas E. Faust|
Morgan Stanley Investment Management
On Monday, James Gorman
, chairman and CEO of Morgan Stanley
that the New York City-based firm had completed its planned acquisition of Eaton Vance Corp.
The deal boosts Morgan Stanley's wealth management and investment management segments to a combined $5.4 trillion in client assets.
, chairman and CEO of Eaton Vance, will become chairman of Morgan Stanley's investment management unit. (Dan Simkowitz
serves as head of Morgan Stanley IM). The $7-billion cash and stock deal, which was unveiled
in October, comes more than a decade after Morgan Stanley sold
another asset management business.
"This acquisition further enhances our strategic transformation by continuing to add more fee-based revenues to complement our world-class, integrated investment bank," Gorman states.
Meanwhile, also on Monday, Dave Brown
, chairman and CEO of Victory Capital Holdings, Inc.
that the San Antonio, Texas-based fund firm has closed on its planned purchase of some of THB Asset Management's
assets. The deal, which was unveiled
back in November, brings Victory its 10th boutique.
"THB is an early adopter of socially responsible investment practices and manages investment strategies in capacity constrained asset classes in which we have substantial experience," Brown states.
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