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.
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 & Co. and AllianceBernstein. The price of admission: at least $20 million in assets.
