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Illustration: Aïda Amer/Axios

Morgan Stanley on Thursday announced an agreement to buy Boston-based investment manager Eaton Vance for $7 billion in cash and stock.

Why it matters: This solidifies the idea that Morgan Stanley views acquisition as its best path to predictable growth, as it comes just days after completing a $13 billion deal for E*Trade.

Details: Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833x per share in Morgan Stanley common stock, working out to around $56.50 per share (38% premium on yesterday's closing price).

  • The deal would add more than $500 billion to Morgan Stanley Investment Management's AUM, bringing the combined total to $1.2 trillion.

The bottom line, via Axios' Felix Salmon: James Gorman is bringing M&A back to the bulge bracket. It's been a while.

Go deeper

Dion Rabouin, author of Markets
Nov 3, 2020 - Economy & Business

Companies and insiders are holding off on stock buybacks

Illustration: Aïda Amer/Axios

Top executives at big companies known as corporate insiders bought back shares of their own firms' stock at the second lowest rate in at least two years last month, even as speculators continued to buy the dip.

Why it matters: Insiders are typically bullish on their own company and buy when prices fall, but declined to do so after all three major U.S. stock indexes fell by at least 2% during the month, the second consecutive month of declines. (The Dow fell 6%, its worst monthly showing since March's historic drop.)

45 mins ago - World

Pope Francis denounces European governments' migrant response

Pope Francis adresses refugees at the Reception and Identification Centre (RIC) in Mytilene on the island of Lesbos on Sunday. Photo: Louisa Gouliamaki/Pool/AFP via Getty Images

Pope Francis criticized European countries' response to migrants and asylum seekers during his visit to a refugee camp on the Greek island of Lesbos Sunday.

Why it matters: The pope said "migration is a humanitarian crisis that concerns everyone," but little had changed in the global response to displaced peoples since his first visit to Lesbos five years ago, per a transcript of his remarks. "Human lives, real people, are at stake. ... let us stop this shipwreck of civilization!"

Chris Cuomo accuser: On-air "hypocrisy" spurred report

Journalist Chris Cuomo. Photo: Gilbert Carrasquillo/GC Images

A woman who accused fired CNN journalist Chris Cuomo of sexual misconduct said Sunday she decided to come forward after learning of his comments about women who made similar accusations about his brother. He denies her allegations.

Why it matters: Her attorney Debra Katz said in a statement that she heard "the hypocrisy" of his on-air words about his brother, former New York Gov. Andrew Cuomo, and was "disgusted by his efforts to try to discredit these women," so "retained counsel to report his serious sexual misconduct against her to CNN."