Morgan Stanley MS has reportedly removed longstanding limits on which wealth clients can buy crypto funds, telling advisors they may place digital-asset products across account types, including retirement accounts, as part of a broader expansion of access beginning Oct. 15.
The firm informed its advisor force that crypto funds can be offered to any customer, a shift from prior rules that confined the products to high-net-worth investors with aggressive risk profiles and taxable brokerage accounts, CNBC reports.
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The latest move follows a policy environment that is more welcoming to digital assets and builds on the bank’s plan to enable trading of bitcoin, ether, and solana at its E-Trade unit.
In January, the bank’s CEO, Ted Pick, told CNBC in an interview that his bank would be operating with U.S. regulators to investigate whether it could boost its involvement in cryptocurrency markets. Back then, Bank of America CEO Brian Moynihan also indicated the bank could adopt crypto if regulators permit, calling it another potential retail payments option for the nation's No. 2 bank by assets.
The latest strategy underscores Morgan Stanley’s push to defend its dominant wealth franchise, which oversees about $8.2 trillion, as client demand for crypto exposure evolves.
To temper volatility risks, Morgan Stanley will use automated oversight to help prevent overconcentration in crypto holdings, CNBC adds, citing people familiar with the framework.
Price Action: MS shares are trading higher by 0.51% to $157.09 at last check Friday.
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