Texas Border Business
AUSTIN – Governor Greg Abbott announced Morgan Stanley Services Group, Inc. is establishing a new U.S. hub in Dallas, with a $684 million capital investment that will create more than 3,800 jobs. A Texas Enterprise Fund (TEF) grant of $43,849,500 and a Veteran Created Job Bonus of $40,000 have been extended to Morgan Stanley.
“Texas is the financial capital of America,” said Governor Abbott. “We welcome Morgan Stanley’s expanded investment in Texas, where the depth of talent and access to America’s rapidly expanding financial center attracts the world’s leading brands across industries. Opportunity’s address is now Y’all Street.”
“Morgan Stanley’s expansion in Dallas reflects our commitment to investing in markets that offer exceptional opportunities for growth, innovation, and talent. With a thriving financial services industry in Texas, we are excited to establish Dallas as a strategic hub for our firm to serve clients and attract top talent in the years ahead,” said Morgan Stanley Executive Vice President, Chief Legal Officer, and Chief Administrative Officer Eric Grossman. “We greatly appreciate the support of the State of Texas, the City of Dallas, and Dallas County and look forward to deepening our roots and contributing to economic growth in the state.”
“I am excited to welcome Morgan Stanley to Dallas and to see one of the world’s leading financial service firms make a significant investment in North Texas,” said Senator Royce West. “Morgan Stanley’s presence will create new opportunities for our region’s economy and, importantly, its partnership with area universities will help prepare and develop the next generation of financial professionals right here in Texas. This is the kind of investment that strengthens our workforce, creates opportunities for Texas students and families, and reinforces Dallas’ position not only as a leading financial center in this country but in the world.”
“Morgan Stanley’s decision to make this kind of investment in Dallas and North Texas is a big win for our region,” said Representative Morgan Meyer. “It means thousands of new jobs, more opportunity for Texas families, and another major financial institution choosing to grow here. Dallas has become an increasingly important center for financial services, and investments like this show why: we have a talented workforce, a strong economy, and a business environment where companies can build for the long term.”
“Dallas’s selection as the home of Morgan Stanley’s new operations hub is a landmark investment in our city and another defining moment in the rise of Y’all Street,” said Dallas Mayor Eric L. Johnson. “I am proud to welcome Morgan Stanley to Dallas and grateful for this extraordinary vote of confidence in our city and its future. This investment reflects what we have worked hard to build in Dallas: a safe, business-friendly, opportunity-rich city where leading companies can invest, grow, and attract the world-class talent they need to succeed. The message to the business world is clear: Dallas has become one of America’s premier destinations for financial services and a place where ambitious companies come to build their future.”
“Morgan Stanley’s investment is a transformative move that further cements Dallas County’s place as an increasingly important and dynamic financial center across the country and around the world,” said Dallas County Judge Clay Lewis Jenkins. “The financial world is taking notice of what we’re building here. Welcome to Y’all Street, y’all.”
View more information about Morgan Stanley.
TEF is a performance-based grant, administered by the Texas Economic Development & Tourism Office within the Office of the Governor, that may be awarded to a business relocation or expansion project for which one Texas site is in competition with out-of-state locations to create new, good-paying jobs in the community and attract significant new capital investment to the state.
