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May 19, 2006
Morgan Stanley CEO says seeks mortgage acquisitions
Morgan Stanley (MS) is searching aggressively for mortgage origination and mortgage servicing acquisitions, but will remain disciplined in its purchases, Chairman and Chief Executive John Mack said Monday.
Mack, who took over the firm at the end of June 2005, said the investment-banking giant has made "significant progress on executing" its plan to close the profitability gap with competitors, but offered a caveat.
"We are looking at a whole range of 'bolt-on' acquisitions and add-ons" of teams, he said, but he emphasized that they likely will be "small" deals.
Posted by S. Germain at May 19, 2006 07:57 AM