Morgan Stanley to buy Eaton Vance for $7 bn in asset management push

Morgan Stanley has agreed to buy Eaton Vance Corp for about $7 billion in a cash-and-stock deal that can quickly expand its investment-management business and further expand offerings to retail investors, the bank said on Thursday.
 

The transaction is the latest move by Chief Executive James Gorman to reshape Morgan Stanley into one of the biggest global money managers through a series of acquisitions that began just before he took over more than a decade ago.
 

Morgan Stanley's wealth management and investment management businesses already account for 40-50% of the bank's revenue.
 

Combining with Eaton Vance will more than triple