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Industry news

Morgan Stanley completes acquisition of E*TRADE


09 October 2020 New York
Reporter: Natalie Turner

Generic business image for news article
Image: pvl / Adobestock.com
Morgan Stanley has sealed the deal on an all-stock transaction with E*TRADE after first entering into a definitive agreement to acquire the corporation in February.

The transaction was valued at approximately $13 billion.

E*TRADE common stockholders are entitled to receive 1.0432 Morgan Stanley common shares for each E*TRADE common share.

At the time the deal was inked, E*TRADE had more than 5.2 million client accounts with over $360 billion of retail client assets, which will be added to Morgan Stanley’s existing 3 million client relationships and $2.7 trillion of client assets.

"The addition of E*TRADE positions us as an industry leader in wealth management across all channels and segments, and significantly increases the scale and breadth of our wealth management franchise, which now oversees $3.3 trillion in assets," says James Gorman, chairman and CEO of Morgan Stanley.

Elsewhere, Michael Pizzi, CEO of E*TRADE, joins Morgan Stanley and will lead E*TRADE’s direct-to-consumer, digital self-directed business that will operate under the E*TRADE brand, and will co-lead the equity administration business.

He also joins the Morgan Stanley operating and management committees.

In addition, Shelley Leibowitz, one of E*TRADE’s independent directors, has joined the Morgan Stanley board of directors.
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