Morgan Stanley Wealth Management Reduces Fees on Private Shares Marketplace EquityZen, Broadening Private Markets Access

Buy and Sell Side Fees Reduced to 2.5% for Investors and Shareholders

Morgan Stanley Wealth Management today announced that EquityZen, a leading private shares platform it acquired in January 2026, is immediately lowering transaction fees for both investors and shareholders on its marketplace. With Morgan Stanley's expansive private markets ecosystem, EquityZen clients benefit from the scale gained from the acquisition.

"The strategic acquisition of EquityZen was about bringing a comprehensive end-to-end solution to our clients," said Jed Finn, Head of Morgan Stanley Wealth Management. "Bringing down fees allows more clients to transact and build wealth in a frictionless, holistic way. As the world's biggest wealth manager, Morgan Stanley has strong demand for access to private shares and we have the supply through our cap table management capabilities and institutional relationships with issuers. With EquityZen's marketplace technology, we can now build a differentiated value proposition for all participants anchored in the ‘issuer-first' operating principle that is shared across Morgan Stanley and EquityZen."

The lower fees take effect immediately with buy and sell side fees reduced to 2.5% down from 5% for most transactions—cutting in half current standard fees. The industry-lowest minimums of $5,000 will continue. This fee reduction extends to EquityZen's innovative "Express Deals" where an investor who previously invested in certain EquityZen funds can sell their fund interest to another investor on the EquityZen platform.

"EquityZen has been a pioneer in the democratization of private markets, expanding access through its industry-leading technology platform," said Atish Davda, Founder of EquityZen. "As we join forces with Morgan Stanley, we gain the full backing of a financial powerhouse—leveraging its scale and expertise to raise the bar for the industry and create a world-class experience for EquityZen clients and shareholders."

About Morgan Stanley Wealth Management

Morgan Stanley Wealth Management provides access to a wide range of products and services to individuals, businesses, and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement, and trust services. Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.

Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

About EquityZen

EquityZen, a subsidiary of Morgan Stanley, is a leading marketplace for pre-IPO investments, connecting shareholders of private companies with accredited investors. Through its category-leading technology and innovative approach, EquityZen delivers data-driven insights and tools that empower its 800,000 users to navigate the private markets with confidence. Having completed more than 51,000 private placements in nearly 500 private companies, EquityZen is on a mission to deliver "Private Markets for the Public."

EquityZen provides investors with access to private market investments and other alternative investments. Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Clients are responsible for complying with applicable securities laws requirements and potential issuer restrictions and should consult with third-party advisors regarding the risks of transacting in private issuer securities, including the risk of transacting in a market with little or no price transparency or liquidity.

This has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a Financial Advisor.

This material should not be viewed as investment advice or recommendations with respect to asset allocation or any particular investment.

Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.

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