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Morgan Stanley to Expand Wealth-Management Business Into Canada

  • New York firm’s Canadian entry to include robo adviser
  • Canaccord will be Morgan Stanley’s local platform provider
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Morgan Stanley is expanding its wealth-management business into Canada, taking on the country’s large banks with services that will include a discount brokerage and robo adviser.

The New York-based firm plans to bring Canadians wealth-management offerings including a discount self-directed investing service, a team-based “virtual” advisory business and full-service financial advisers, Morgan Stanley said in a statement Wednesday. The move will complement the stock-plan administrative services the bank already provides in Canada.