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Canaccord Genuity Group Inc
Symbol CF
Shares Issued 107,802,513
Close 2020-05-20 C$ 5.77
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Globe says Canaccord to run Morgan's new platform

2020-05-21 07:05 ET - In the News

The Globe and Mail reports in its Thursday, May 21, edition that Morgan Stanley is diving into the competitive Canadian wealth management market by launching a suite of services targeted at executives who own interests in their companies. The Globe's Andrew Willis writes that it unveiled plans on Wednesday to build a new business, Morgan Stanley Wealth Management Canada, that will cater to 275,000 domestic clients with $17.5-billion (U.S.) in assets, potential customers acquired when the company bought stock compensation administrator Solium Capital a year ago for $1.1-billion (Canadian). Morgan Stanley hired Canaccord Genuity Group to run the platform that will support the venture. Expansion into the Canadian retail financial services arena, currently dominated by domestic banks, is part of Morgan Stanley's strategic expansion in wealth management under chief executive officer James Gorman. After snapping up Solium, Mr. Gorman committed $13-billion (U.S.) in February to the takeover of discount brokerage E-Trade Financial. If the E-Trade acquisition receives regulatory approval, Morgan Stanley will administer $3.1-trillion (U.S.) of client assets, including stock compensation plans for 4.6 million customers.

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