2/23, 4:33 PM (Source: TeleTrader)
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Morgan Stanley partners Silicon Valley law firm

Morgan Stanley has struck a deal with a Silicon Valley law company Wilson Sonsini Goodrich & Rosati to take over the stock management aspect for the firm's thousands of clients, The Wall Street Journal reported on Tuesday.

The decision comes as part of Morgan Stanley's expansion journey into finance management for new generations, as the digitalization of the industry opened new opportunities and exposed new clientele for banking services. The recently acquired customers from Wilson Sonsini will gain access to Morgan Stanley's financial-wellness programs, self-directed investing accounts and student-loan consolidation plans.

"This agreement, along with the acquisition of Solium and the corporate-services business from E*Trade, is a part of our long-term strategy to be the premier provider of financial solutions to workplace employees," Jed Finn, Morgan Stanley’s corporate solutions executive noted.

Breaking the News / LH