Morgan Stanley Serves Rich Customers Hot Startups

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.