Morgan Stanley announced that it plans to buy Eaton Vance, the investment and wealth management firm, in a $7 billion deal. Coupled with the firm’s $13 billion purchase of E-Trade earlier this year, it shows the Wall Street stalwart’s move to less flashy but steadier fee based businesses, a sign of the times for the financial industry as a whole.

The purchase of Eaton Vance will almost double the size the assets of Morgan Stanley Investment Management to 1.2tn

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