Business
Can Morgan Stanley’s mega deals widen the gap with Goldman Sachs? – The Australian Financial Review
James Gorman’s acquisitions of ETrade and Eaton Vance will tilt the balance of earnings, and arguably of power, at Morgan Stanley away from the investment bank.
As for the Eaton Vance acquisition, the almost 40 per cent premium that Morgan Stanley paid raised eyebrows, despite general appreciation for a deal which takes the bank into the league of $US1 trillion-plus investment managers, adds new product areas and offers a broader distribution network across the US.
There are broader questions about whether the deals will be enough to maintain the momentum built up by Mr Gorman and his team.
Morgan Stanley was probably my best stock call of the last de…
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