Axos Financial to Buy E*Trade Advisor Services for $55 Million
April 20 2021 - 6:55AM
Dow Jones News
By Colin Kellaher
Axos Financial Inc. on Tuesday said it agreed to buy certain
assets and liabilities of E*Trade Advisor Services from Morgan
Stanley for $55 million in cash.
Axos, a Las Vegas provider of banking and financing services,
said it will fund the purchase of the registered investment adviser
custody business with cash on hand.
Axos said the acquisition, which it expects to complete in the
third quarter of 2021, adds about 200 custody relationships with
$23 billion of combined assets under custody and $1.2 billion of
client cash deposits.
Morgan Stanley acquired E*Trade Advisor Services in its $13
billion acquisition of E*Trade Financial Corp. last year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 20, 2021 06:40 ET (10:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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