Morgan Stanley to Buy Eaton Vance

Morgan Stanley  said it is buying fund manager Eaton Vance Corp.  for $7 billion just days after completing its takeover of discount broker E*Trade Financial Corp., continuing the firm’s shift away from trading toward steadier, simpler businesses like money management. According to a story in The Wall Street Journal, the deal would nearly double the assets that Morgan Stanley manages on behalf of pension funds, insurance companies and other clients, to $1.2 trillion, and add about $1.7 billion of annual revenue. Boston-based Eaton Vance, founded in 1924, brings about $500 billion in assets, and bulks up Morgan Stanley’s presence in bonds and sustainable investing. The deal is expected to be completed in the second quarter of 2021.