Morgan Stanley has dropped the idea of buying UBS Group’s brokerage arm, concluding that the wealth management arm would be too costly.
After a series of internal discussions, Morgan Stanley CEO James Gorman has ruled out a purchase as the group doesn’t feel need to add significant numbers of brokers, the FOX Business Network has reported.
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Had the deal materialized, it would have lead to the addition of over 7000 brokers to Morgan Stanley created a wealth management firm larger than Bank of America’s Merrill Lynch.
UBS has not declared that its brokerage division is for sale, but talks have been going on as the Swiss looking to overhaul and trim its US operations.
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