By Kathryn Hardison

 

Morgan Stanley at Work said it would acquire American Financial Systems as the financial services company looks to expand its workplace offerings.

The division of Morgan Stanley said Wednesday that its purchase of American Financial Systems, which specializes in nonqualified executive benefit plan solutions and services for employers, is expected to close this fall. Terms of the deal weren't disclosed.

Brian McDonald, head of Morgan Stanley at Work, said deferred compensation plans have become more popular as employers strengthen their compensation packages to attract and retain top talent.

Shares were trading at $74.16 Wednesday morning, down 24% for the year and down 13% over the past 12 months.

 

Write to Kathryn Hardison at kathryn.hardison@wsj.com

 

(END) Dow Jones Newswires

June 22, 2022 10:44 ET (14:44 GMT)

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