IIROC approves Solium’s acquisition by Morgan Stanley

Maria Nikolova

The Alberta and Ontario District Council of the Investment Industry Regulatory Organization of Canada have approved the change of control of Solium Financial.

The Investment Industry Regulatory Organization of Canada (IIROC) has cleared the acquisition of Solium Financial, provider of software-as-a-service (SaaS) for equity administration, financial reporting and compliance, by Morgan Stanley (NYSE:MS).

A notice on IIROC’s website says the Alberta and Ontario District Council of the Investment Industry Regulatory Organization of Canada have approved the change of control of Solium Financial Inc., whereby Morgan Stanley, an indirect holding company of Morgan Stanley Canada Limited, will indirectly acquire all of the issued and outstanding voting securities of Solium Financial.

The effective date of this transaction is May 1, 2019. As a result of the transaction, Solium Financial and Morgan Stanley Canada have become related companies.

On announcing the completion of the acquisition, Morgan Stanley explained that the Solium business will be re-branded Shareworks by Morgan Stanley. It will be part of a new Morgan Stanley at Work suite of financial solutions which will also include Retirement and Financial Wellness. Morgan Stanley at Work will combine cutting-edge planning and risk management software, Morgan Stanley intellectual capital and financial education delivered through multiple channels to enable employees to build a holistic plan to achieve their financial goals.

On a combined basis, Shareworks by Morgan Stanley is set to service more than 3,300 stock plan clients with 2.5 million participants, including Instacart, Levi Strauss, Shopify and Stripe and a range of fast growing private companies, as well as newly public companies and a quarter of the Fortune 500. 

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