Morgan Stanley said to rule out UBS purchase

James Gorman Pic

Too expensive.

After a series of internal discussions, Morgan Stanley chief executive James Gorman has ruled out a purchase of the brokerage arm of UBS Group Americas, believing that the wealth management arm would be too expensive and that Morgan Stanley doesn’t need to add significant numbers of brokers, the FOX Business Network has learned.

Fox Business reports that Morgan Stanley is regarded as Wall Street’s top firm based on number brokers with more than 16,000 financial advisers, while UBS is ranked No. 5 with more than 7,000.

A combination of the two would create a wealth management behemoth that would far exceed the size of the No. 2 player Bank of America’s Merrill Lynch which has a salesforce of more than 15,000.

To access the complete Fox Business article hit the link below:

Morgan Stanley CEO Scraps Buying UBS Brokerage Arm

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