Brian Chappatta, Columnist

Morgan Stanley Gets Just What It Wanted in Eaton Vance

CEO James Gorman said “we’ll do deals,” and the $500 billion money manager adds the right mix of assets and culture to the investment bank.

October 8, 2020 at 11:44 AM EDT

By Brian Chappatta

Brian Chappatta is managing editor of Bloomberg News' wealth group. He was previously team leader of billionaires coverage in the Americas. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

James Gorman finds a match.
Photographer: Giulia Marchi/Bloomberg

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE

This article is for subscribers only.

Morgan Stanley might have officially announced on Thursday that it was acquiring Eaton Vance Corp. for about $7 billion, but for those who have been listening to Chief Executive Officer James Gorman, it was never truly a matter of whether the white-shoe Wall Street bank would make such a move but rather when and with whom.

In Eaton Vance, Gorman seems to have gotten just what he wanted. But don’t take it from me, take it from the CEO himself. This is what he said during a virtual conference in June, when asked about where he saw Morgan Stanley’s asset-management business headed in the years ahead:

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE