Morgan Stanley’s efforts to connect its institutional securities division with its wealth management business allowed affluent clients to get in early on Uber — but at a price of $48.77 per share, according to news reports.

In 2016, the wirehouse offered its wealthiest clients shares in a fund called New Riders LP, convertible to Class A stock in the initial public offering, Bloomberg writes, citing offering documents it reviewed.

The fund’s manager is Dennis Lynch, who also played a role in Morgan Stanley’s investment in Facebook and Twitter when they were private and who currently manages portfolios at the bank’s investment management unit, according to the news service.

Morgan Stanley said wealth management clients taking advantage of the offer would also be charged up to 2% of the money invested in the fund, and the minimum investment was $250,000, Bloomberg writes. The clients are barred from selling the shares for 180 days from the IPO, according to the news service.

Morgan Stanley offered a similar deal to its employees, Bloomberg writes, citing the offering documents.

It’s unclear how many shares in the fund Morgan Stanley has sold to wealth management clients and employees, according to the news service.

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A Morgan Stanley spokeswoman declined comment to Bloomberg. But during Friday’s IPO, Uber’s stock price plunged 7% to $41.57, and it traded as low as $36.08 Monday, closing at $37.10.

Morgan Stanley’s investment bankers, meanwhile, stand to earn millions of dollars for leading the IPO, as well as future business, since it successfully squeezed out rival Goldman Sachs from the lead role, the news service writes.