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Morgan Stanley’s Eaton Vance Acquisition Includes $266B Wealth Manager

October 13, 2020

Morgan Stanley’s planned acquisition of Eaton Vance could see its wealth management operations propelled to a top spot, assets-wise, in the Minneapolis-St. Paul area, according to news reports.

Morgan Stanley reached an agreement earlier this month to acquire Eaton Vance for around $7 billion, with the deal scheduled to close in the second quarter of 2021. The deal is expected to grow Morgan Stanley’s client assets across the firm’s wealth management and investment management business lines to $4.4 trillion.   

The acquisition includes Seattle-based Parametric Portfolio Associates, a firm that’s the third-largest wealth management operation in the Minneapolis–Saint Paul area, the Minneapolis/St. Paul Business Journal writes. With more than $107 billion in client assets, Parametric is behind only  U.S. Bancorp and Ameriprise Financial in the area, the publication writes.

Around the country, Parametric oversees around $266 billion for more than 41,000 accounts, according to its latest Form ADV. 

In the Twin Cities area, Parametric’s 135 employees should see little change, according to the Minneapolis/St. Paul Business Journal. 

"The teams working there will be in the same jobs, with the same titles and same business cards," Parametric CEO Brian Langstraat says, according to the publication. "What they do is very much top of mind from Morgan Stanley’s standpoint." 

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By Alex Padalka
  • To read the Minneapolis/St. Paul Business Journal article cited in this story, click here if you have a paid subscription.
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Tags:  Finding and winning new clients , Client retention , Staffing and recruiting , Ameriprise Financial , Eaton Vance , Morgan Stanley , Parametric Portfolio Associates

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