Morgan Stanley to buy employee stock manager for $900 mln

Morgan Stanley digital signage is displayed on the exterior of the company's headquarters in New York U.S. on Friday Oct. 7 2016

Morgan Stanley digital signage is displayed on the exterior of the company's headquarters in New York U.S. on Friday Oct. 7 2016

This morning, Solium Capital announced it had entered into a definitive arrangement agreement with Morgan Stanley under which Morgan Stanley, through a wholly owned subsidiary, would acquire SUM, subject to shareholder approval.

Calgary-based Solium provides stock plans for over 3,000 companies, which include Instacart, Levi Strauss, Shopify, Bombardier and Dropbox.

"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", Chief Executive Officer James Gorman said in the statement.

Morgan Stanley has been building a comprehensive suite of digital tools that will support expansion within the Workplace Wealth marketplace.

USA bank Morgan Stanley has signed a deal to buy Calgary-based Solium Capital Inc.in a cash deal valued at about $1.1 billion.

Solium CEO Marcos Lopez says the company's leadership team is expected to remain in place.

"As we've said, we'd look to pursue more", Andy Saperstein, co-head of wealth management at Morgan Stanley, said in an interview.

The transaction is expected to have minimal impact on Morgan Stanley's earnings and capital ratios, and the bank does not expect any changes to its share repurchase programs.

The deal will combine Morgan Stanley's existing base of corporate clients for whom it administers stock plans with Solium's portfolio of clients.

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