Today’s announcement that Morgan Stanley will sell its private wealth management businesses in the UK, UAE and Italy to Credit Suisse is the latest in a flurry of M&As in the wealth management sector
Morgan Stanley today announced the sale of its private wealth management businesses in the UK, UAE and Italy to Credit Suisse.
The transaction is expected to close during the third quarter of 2013 and details are yet to be disclosed.
‘The restructuring is a culmination of a thorough strategic review of our EMEA PWM business,’ says Colm Kelleher, President of Institutional Securities Group.
The news follows much M&A business in the wealth management sector of late. The spotlight is very much on Schroders and JOHIM currently – and, in a world where organic growth is tough to come by and margins are under pressure, more are likely to follow.