MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, March 3, 2021 Morgan Stanley and Victory Seal Deals 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.
Tom Faust, 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., confirmed 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. Printed from: MFWire.com/story.asp?s=62576 Copyright 2021, InvestmentWires, Inc. All Rights Reserved |
