Morgan Stanley to Sell Spanish Retail Brokerage to La Caixa
Morgan Stanley (NYSE: MS) today announced that it has reached an agreement to sell Morgan Stanley Wealth Management S.V., S.A.U., its Spanish onshore mass affluent wealth management business, to La Caixa. Terms of the transaction, which is scheduled to close during the second quarter of 2008, were not disclosed. Morgan Stanley’s institutional businesses in Spain, including investment banking, capital markets, sales & trading and asset management, are unaffected by the transaction.
“This sale is the result of our strategy to focus our international wealth management effort on the ultra high net worth market segment,” said James Gorman, co-President of Morgan Stanley.
Michael Armstrong, Global Head of Private Wealth Management, added “We believe that there is a significant opportunity to leverage Morgan Stanley’s institutional franchise in these markets and this transaction will enable us to further invest in and grow our international Private Wealth Management business.”
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
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