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Name | Symbol | Market | Type |
---|---|---|---|
Computershare Ltd (PK) | USOTC:CMSQY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.22 | -1.23% | 17.68 | 17.39 | 18.05 | 17.99 | 17.62 | 17.62 | 39,350 | 21:06:30 |
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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