Bloomberg News reports that Morgan Stanley purchased the 35% of the business it didn’t own from Citigroup.
'This has been an incredibly challenging five-year period not just for Morgan Stanley, but for our industry and the country, frankly, and it’s exciting to be stepping forward with something as dramatic as this acquisition', Gorman said in a video posted on the firm’s website. 'Right now, what we need to do is focus on making it work'.
In the meantime, Bloomberg also reports that Schroders, Europe’s largest independent money manager, rose for a fourth day Friday after Exane BNP Paribas said that an expansion of private-banking products safeguards the company from risk.
'The downside risks to asset flows are decidedly limited by the company’s diversification and favorable market positioning', Daniel Davies, an analyst at Exane BNP Paribas, said in a note last week.