Fund Company Updates

/

Morgan Stanley buying Eaton Vance

An agreement has been entered into for Eaton Vance to be bought by Morgan Stanley for almost $10 billion. A definitive agreement has been reached with the transaction 50 per cent funded by cash, with Morgan Stanley using around 100bps of excess capital. Via the purchase, Morgan Stanley Investment Management (MSIM) will manage around $1.67 trillion in assets and nearly $7 billion in combined revenues.

Eaton Vance shareholders will receive US$28.25 per share in cash and 0.5833x of Morgan Stanley common stock, equalling around US$56.50 per share. A cash dividend will also be paid of US$4.25 per share.

HESTA launches 40:40 Vision campaign for women in executive roles

An investor-led initiative to get at least 40 per cent women in executive roles on the ASX200 by 2030 has been launched by HESTA. Prominent investors are very supportive of the initiative, with the 40:40 Vision Investor Statement launched with eight inaugural signatories, together worth over $1 trillion in funds management. The statement details commitments and expectations for the companies on gender diversity in executive positions.

The investors already signed up are:

  • Aberdeen Standard Investments

  • BlackRock Australia

  • Ellerston Capital

  • Fidelity International

  • First Sentier Investors

  • IFM Investors

  • Pendal Group

  • Wavestone Capital

Other supporters of the 40:40 Vision are Chief Executive Women, the Australian Council of Superannuation Investors, 30% Club and the Workplace Gender Equality Agency. Any investor joining the initiative commits to engaging with ASX200 companies to encourage sign-ups to the initiative, with a pledge for 40 per cent women, 40 per cent men, and 20 per cent any gender in C-suit roles by 2030. Clear and public targets are part of the deal. More information about 40:40 Vision is available at hesta.com.au/4040Vision.

IFM and Trafigura launch renewable investment firm

Trafigura, a commodities trading group, and IFM Investors have joined forces to build a company, Nala Renewables, that invests in renewables: global solar, wind and power storage projects. Nala will build a portfolio of renewable energy projects equivalent to two gigawatts in the coming five years, and identify, build and operate renewable energy projects across Asia, Europe and other emerging markets.