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2021-11-09

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Morgan Stanley Gives Rich Customers What They Want: Hot Startups

Rich people are clamoring to buy stakes in hot private companies. Morgan Stanley, the largest U.S. m

Morgan Stanley Gives Rich Customers What They Want: Hot Startups

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Morgan Stanley, the largest U.S. m","content":"<p>Rich people are clamoring to buy stakes in hot private companies. Morgan Stanley, the largest U.S. manager of household wealth, is on the case.</p>\n<p>The firm is building an a-la-carte menu of private-share offerings for its wealthiest clients, executives said. The program is expected to go live next year and will be overseen by a new hire, Mike Gaviser, who previously held senior fundraising jobs at KKR &amp; Co. and AllianceBernstein. The price of admission: at least $20 million in assets.</p>\n<p>Shares of private companies are a hot ticket on Wall Street. Since 2002, the value of privately held shares has grown twice as fast as the combined value of listed companies,according to consulting firmMcKinsey &amp; Co.With listed stocks looking expensiveand bonds yielding a pittance, investors are more eager to take a flier on a startup that could turn into the nextFacebookInc.,now Meta Platforms Inc.</p>\n<p>There is also the cool factor. Shares in a “unicorn,” the Silicon Valley term for a startup valued in the private markets at more than $1 billion, is good cocktail-party fodder.</p>\n<p>“People want to invest in companies they know and use. And today those are often private companies,” said Phil Haslett, founder of EquityZen Inc., where investors can buy and sell shares in privately held companies in ticket sizes starting at $10,000.</p>\n<p>Companies are staying private longer, which creates pent-up demand from early investors and employees looking to sell. The average tech startup that went public in 2020 was more than 12&nbsp;years old, versus four years old in 1999, according toresearch fromJay Ritter, a finance professor at the University of Florida.</p>\n<p>A handful of companies have launched in recent years to allow trading of private shares. Among them: EquityZen and Forge Global Inc., which merged last year with another private-market trading platform, SharesPost, and is now set to list through a blank-check company. Morgan Stanley is an investor in a private-shares trading business thatNasdaqInc.spun out in July.</p>\n<p>Companies often don’t like this ad hoc trading of their shares because they don’t control the price or who ends up owning the shares. Small lots of private stock can trade at prices wildly different from a company’s last round of fundraising, leaving CEOs having to answer for a valuation they didn’t approve and cater to shareholders they didn’t choose.</p>\n<p>Morgan Stanley is positioning itself as friendlier to the interests of corporate CEOs. Companies will set the price on any shares issued or traded on its new platform, executives said.</p>\n<p>The new offering also taps into a business the firm has been growing that helps companies, both public and private, manage their employees’ stock ownership. Morgan Stanleyin 2019 boughtSolium Inc., a specialist in the area, and added a similar business in its takeover last year of E*Trade. In February&nbsp;Morgan Stanley struck a deal&nbsp;with a major Silicon Valley law firm to gain inroads to more early-stage companies.</p>\n<p>This niche service feeds Morgan Stanley’s business two ways: by introducing its investment bankers to promising companies on the cusp of a major IPO or sale and by introducing its financial advisers to their employees, who may need someone to manage the windfall. Morgan Stanley’s 16,000 advisers manage $4.6 trillion in wealth.</p>\n<p>Wall Street banks have for years done one-off deals to offer private securities to top clients. Past efforts have ended with mixed results.</p>\n<p>Morgan Stanley built a blind pool for its wealthiest clients to invest inUber TechnologiesInc.in 2016. They invested at about $48 a share, and the stock is now at $45.Goldman Sachs GroupInc.also offered an Uber investment to its private-banking clients, a deal which ultimately produced better returns, and shopped pre-IPO shares of Facebook andSpotify TechnologySAto some clients.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Gives Rich Customers What They Want: Hot Startups</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Gives Rich Customers What They Want: Hot Startups\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-09 18:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/morgan-stanley-gives-rich-customers-what-they-want-hot-startups-11636453801?siteid=yhoof2><strong>Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rich people are clamoring to buy stakes in hot private companies. Morgan Stanley, the largest U.S. manager of household wealth, is on the case.\nThe firm is building an a-la-carte menu of private-share...</p>\n\n<a href=\"https://www.wsj.com/articles/morgan-stanley-gives-rich-customers-what-they-want-hot-startups-11636453801?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/morgan-stanley-gives-rich-customers-what-they-want-hot-startups-11636453801?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199391358","content_text":"Rich people are clamoring to buy stakes in hot private companies. Morgan Stanley, the largest U.S. manager of household wealth, is on the case.\nThe firm is building an a-la-carte menu of private-share offerings for its wealthiest clients, executives said. The program is expected to go live next year and will be overseen by a new hire, Mike Gaviser, who previously held senior fundraising jobs at KKR & Co. and AllianceBernstein. The price of admission: at least $20 million in assets.\nShares of private companies are a hot ticket on Wall Street. Since 2002, the value of privately held shares has grown twice as fast as the combined value of listed companies,according to consulting firmMcKinsey & Co.With listed stocks looking expensiveand bonds yielding a pittance, investors are more eager to take a flier on a startup that could turn into the nextFacebookInc.,now Meta Platforms Inc.\nThere is also the cool factor. Shares in a “unicorn,” the Silicon Valley term for a startup valued in the private markets at more than $1 billion, is good cocktail-party fodder.\n“People want to invest in companies they know and use. And today those are often private companies,” said Phil Haslett, founder of EquityZen Inc., where investors can buy and sell shares in privately held companies in ticket sizes starting at $10,000.\nCompanies are staying private longer, which creates pent-up demand from early investors and employees looking to sell. The average tech startup that went public in 2020 was more than 12 years old, versus four years old in 1999, according toresearch fromJay Ritter, a finance professor at the University of Florida.\nA handful of companies have launched in recent years to allow trading of private shares. Among them: EquityZen and Forge Global Inc., which merged last year with another private-market trading platform, SharesPost, and is now set to list through a blank-check company. Morgan Stanley is an investor in a private-shares trading business thatNasdaqInc.spun out in July.\nCompanies often don’t like this ad hoc trading of their shares because they don’t control the price or who ends up owning the shares. Small lots of private stock can trade at prices wildly different from a company’s last round of fundraising, leaving CEOs having to answer for a valuation they didn’t approve and cater to shareholders they didn’t choose.\nMorgan Stanley is positioning itself as friendlier to the interests of corporate CEOs. Companies will set the price on any shares issued or traded on its new platform, executives said.\nThe new offering also taps into a business the firm has been growing that helps companies, both public and private, manage their employees’ stock ownership. Morgan Stanleyin 2019 boughtSolium Inc., a specialist in the area, and added a similar business in its takeover last year of E*Trade. In February Morgan Stanley struck a deal with a major Silicon Valley law firm to gain inroads to more early-stage companies.\nThis niche service feeds Morgan Stanley’s business two ways: by introducing its investment bankers to promising companies on the cusp of a major IPO or sale and by introducing its financial advisers to their employees, who may need someone to manage the windfall. Morgan Stanley’s 16,000 advisers manage $4.6 trillion in wealth.\nWall Street banks have for years done one-off deals to offer private securities to top clients. Past efforts have ended with mixed results.\nMorgan Stanley built a blind pool for its wealthiest clients to invest inUber TechnologiesInc.in 2016. They invested at about $48 a share, and the stock is now at $45.Goldman Sachs GroupInc.also offered an Uber investment to its private-banking clients, a deal which ultimately produced better returns, and shopped pre-IPO shares of Facebook andSpotify TechnologySAto some clients.","news_type":1},"isVote":1,"tweetType":1,"viewCount":822,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Morgan Stanley Gives Rich Customers What They Want: Hot Startups

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