American investment bank Morgan Stanley has turned to Canaccord Genuity Wealth Management to facilitate its entry into the wealth management business in Canada.
Canaccord Genuity will be the local platform provider of Morgan Stanley Wealth Management Canada, offering the latter wealth management solutions and technology, along with custody and clearing services.
The move is waiting for the regulatory nod.
Morgan Stanley at Work head Brian McDonald said: “The creation of Morgan Stanley Wealth Management Canada will add wealth management services to our comprehensive suite of workplace financial solutions.
“Taken together, these solutions will help to maintain and strengthen the competitiveness of Canadian companies by meeting the breadth of their employees’ needs.”
Morgan Stanley’s Canada wealth proposition will provide full-service financial advisers, virtual financial advisers, a discount self-directed investing solution as well as online investment management.
The services will be offered to employees and executives who use Morgan Stanley’s Shareworks for stock plan administrative services.
Morgan Stanley acquired Solium Capital, now rebranded as Shareworks, last year.
Canaccord Genuity Wealth Management president in Canada Stuart Raftus said: “We are very pleased to provide the platform for Morgan Stanley in the launch of their Canadian offering.
“It’s a testament to the depth and breadth of Canaccord Genuity’s capabilities, platform, and suite of services, which includes a wide range of wealth management solutions as well as custody and clearing services.”
Morgan Stanley has been operating in Canada since the 1960s.
The firm has offices in Toronto, Calgary, Vancouver and Montreal and a workforce of more than 1,500 in the region.