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Morgan Stanley’s $900 mn Solium deal eyes younger clients

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Morgan Stanley's $900 mn Solium deal eyes younger clientsIn its biggest acquisition since the financial crisis, Morgan Stanley on Monday announced the $900 million purchase of Canada’s Solium Capital, a push towards cultivating more young clients. Solium manages stock plans for some 3,000 companies, including fast-growing new companies led by rising wealth accumulators who often opt for being compensated in equity rather than solely cash. “The acquisition provides Morgan Stanley with broader access to corporate clients and a direct channel to their employees, as well as a greater opportunity to establish and develop relationships with a younger demographic and service this population early in their wealth accumulation years,” said Morgan Stanley Chief Executive James Gorman.