Morgan Stanley to acquire ETrade. It follows Schwab’s acquisition of TD Ameritrade. Both acquisitions to close later this year.
Cancel the stock request, no point now.
It’s either a slow news day or there’s a reason why the Wall St TV business pundit’s won’t stop talking about the E-Trade acquisition. One of them just said that Schwab would’ve been too large of an acquisition, RH could’ve theoretically been/still be a target. They also said that Wall St abandonded the traditional brokerage business and this could be the next proper play.
This is good news for the likes of RH and FT because this sets up a yet another comparable “price”, since MS is willing to pay a hefty premium. The founders can add this piece of news and the Scwab/TD buyout info from last year to the pitchbooks.
Morgan Stanley: E-Trade acquisition post by @engineer confirmed.
They have to pass the anti-monopoly reg hurdles in countries where E-Trade operates but the market may be assuming it’s not an issue.
Whilst that’s one side, Share Centre - the U.K.s 8th largest platform - is being bought out for £62m so we should also recognise this too:
- “Gavin set the … he set the …”
- “Price point”
- “Yes… Thanks to Gavin, End Frame, a middle out platform, is objectively worth 250 million dollars.”
All you need to know about the business of tech is in that TV show:
E*Trade has about $677.5 billion of customer assets (including unvested corporate holdings) and made $955 million last year; Morgan Stanley’s wealth management division has almost $2.6 trillion of customer assets and made $962 million last quarter .
Having a famous name and thousands of advisers catering to the rich is a bigger business than having a website and catering to day traders.
“Wall Street banks continue to covet Main Street customers,” Greg McBride, an analyst at Bankrate.com, said in an email. The acquisition “gives them access to brokerage customers, employees with company stock, and the lifeblood of financial services – low cost retail bank deposits.”
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