By Nathalie Tadena
Morgan Stanley (MS) has agreed to sell the Europe, Middle East
and Asia-based portion of its global stock plan services business
to Computershare Ltd. (CMSQY, CPU.AU), as Morgan Stanley looks to
focus its stock plan services offerings on U.S.-based
companies.
The deal is expected to close in the second quarter.
The EMEA-based portion of the business provides employee stock
plan record keeping and automated trade execution services for some
of the largest companies in the United Kingdom and Europe. As part
of the deal, Morgan Stanley will continue to provide trade
execution services to existing clients and their employees.
"We are planning to make significant investments in the U.S.
business to support our corporate clients and their employees
around the world, and the GSPS EMEA business and clients will
benefit from the scale and expertise of one of the leading players
in the stock plan services market," said Gregory Fleming, president
of Morgan Stanley Wealth Management, in a statement.
Last month, Morgan Stanley reported it swung to a fourth-quarter
profit, boosted by sharp revenue gains in its investment banking
and trading business, while the firm also reached a long-elusive
profit-margin goal in its wealth management unit.
Shares were off by a penny to $22.89 after hours. The stock is
up 38% over the past three months.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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