Nasdaq Private Market and Morgan Stanley Wealth Management (MSWM) have partnered to launch wealth management education and services initiative for participants in private company liquidity programs.
The wealth management services will be offered by MSWM’s Palo Alto Group, led by Mark Curtis and Karen McDonald, a financial advisor team focused on the reinvestment of liquidation proceeds from employee stock plans.
The Palo Alto Group will work with founders and employees who seek wealth management services following their participation in a liquidity program on the Nasdaq Private Market platform, the companies said in a joint statement.
Carine Schneider, president of equity solutions at Nasdaq Private Market said: "At Nasdaq Private Market, we are always looking for opportunities to assist our client companies in effectively managing their equity ownership and further enhancing their relationships with employees and other shareholders.
"We believe Morgan Stanley Wealth Management can provide an important service to employees of those companies, many of whom may be experiencing a significant wealth event for the first time."
Nasdaq Private Market offers a range of solutions to help private companies enable their founders, employees and other shareholders to sell a portion of their shares in a company-controlled program.
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Morgan Stanley Wealth Management head of institutional products and sales Marc Brookman said: "In a growing trend, companies are staying private longer and are arranging for structured liquidity programs for employees and other shareholders who wish to sell non-public equity ownership interests for diversification and other purposes.
"This initiative will give these individuals access to financial education and services from a team of financial professionals with a strong track record in this area."