Solium now has 3,000 stock plan clients with a million participants while Morgan Stanley has 320 stock plan clients with 1.5 million participants, Morgan Stanley says in a press release.
Morgan Stanley already has 320 share scheme clients that collectively manage schemes on behalf of 1.5 million employees, although its focus is on Fortune 500 companies.More news: Samsung Galaxy S10 series: Everything we know so far about specs, features
Morgan Stanley has been building a comprehensive suite of digital tools that will support expansion within the Workplace Wealth marketplace.
Solium's cadre of investors could then opt for Morgan Stanley financial advisors "as plan participants build their wealth and their needs become more complex", the companies said in a statement. Solium's clients include such startups as Stripe Inc., Instacart Inc. and Shopify Inc., giving Morgan Stanley's investment bankers a chance to pitch those firms capital-raising ideas, while its advisers court tech workers as they start to accumulate wealth.More news: Seven games that will dictate Ole Gunnar Solskjaer's Manchester United future
A news release on Monday stated that Morgan Stanley will acquire all of the issued and outstanding common shares of Solium, subject to the approval of the Solium shareholders.
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.More news: Bebe Rexha turns to Bahraini designer for her Grammy Awards look
The Wall Street bank entered into a partnership with Solium in 2016 to administer equity-compensation plans for its corporate clients and their employees.
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