Morgan Stanley is buying Eaton Vance in a deal valued at about $7 billion
NEW YORK — Morgan Stanley will buy the investment management firm Eaton Vance in a deal valued at about $7 billion.
Morgan Stanley has actively gone after potential targets this year. The prosed acquisition Thursday comes just days after it closed on one of the biggest deals on Wall Street since the 2008 financial crisis, the $13 billion takeover of E-Trade Financial.
Eaton Vance, based in Boston, has over $500 billion in assets under management.
Morgan Stanley Chairman and CEO James P. Gorman said in a prepared statement Thursday that Eaton Vance will add more fee-based revenues to its investment banking and institutional securities franchise. The deal will give Morgan Stanley’s investment management arm approximately $1.2 trillion of