Morgan Stanley is a global financial services firm that holds significant market positions in three main business segments: Institutional Securities, Wealth Management, and Investment Management. The company provides a wide range of financial products and services, including investment banking, brokerage, and asset management, catering to corporations, governments, financial institutions, and individual investors . Morgan Stanley generates revenue primarily through contracts with customers across these segments, with Institutional Securities being a major contributor due to its extensive trading and market-making activities .
- Institutional Securities - Offers investment banking services such as capital raising and financial advisory, along with equity and fixed income sales, financing, and market-making activities for corporations, governments, financial institutions, and ultra-high net worth clients .
- Wealth Management - Provides financial services and solutions to individual investors and small to medium-sized businesses, including brokerage, investment advisory, banking, and retirement plan services .
- Investment Management - Delivers a broad range of investment strategies and products across geographies and asset classes, serving institutional and individual clients through various investment vehicles .
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Name | Position | External Roles | Short Bio | |
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Andrew M. Saperstein Executive | Co-President and Head of Wealth and Investment Management | None | Andrew Saperstein is Co-President and Head of Wealth and Investment Management, effective January 1, 2024. He joined Morgan Stanley in 2006 and has held various leadership roles. | |
Charles A. Smith Executive | Executive Vice President and Chief Risk Officer | None | Charles Smith is the Chief Risk Officer since May 2023. He has held various roles at Morgan Stanley, including Head of Institutional Securities Business Development. | |
Daniel A. Simkowitz Executive | Co-President and Head of Institutional Securities | None | Daniel Simkowitz is Co-President and Head of Institutional Securities, effective January 1, 2024. He has been with Morgan Stanley since at least December 2000. | |
Edward (Ted) Pick Executive | Chief Executive Officer | Trustee at the Metropolitan Museum of Art; Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health; Board Member of the Institute of International Finance | Edward Pick is the CEO of Morgan Stanley since January 1, 2024. He joined Morgan Stanley in 1990 and has held various leadership roles, including Co-President and Head of Institutional Securities. | View Report → |
Eric F. Grossman Executive | Executive Vice President, Chief Legal Officer, and Chief Administrative Officer | None | Eric Grossman has been the Chief Legal Officer since January 2012 and Chief Administrative Officer since July 2022. He joined Morgan Stanley in September 2010. | |
Mandell L. Crawley Executive | Executive Vice President and Chief Human Resources Officer | None | Mandell Crawley has been with Morgan Stanley for nearly three decades and is currently the Chief Human Resources Officer, a role he has held since February 2021. | |
Sharon Yeshaya Executive | Executive Vice President and Chief Financial Officer | None | Sharon Yeshaya has been the CFO since June 2021. She previously served as Head of Investor Relations and Chief of Staff in the Office of the Chairman and CEO. | |
Dennis M. Nally Board | Independent Director | Board Member at Cencora, Inc. (formerly AmerisourceBergen Corporation) | Dennis M. Nally has been an Independent Director at Morgan Stanley since 2016. He is a former Chair of PricewaterhouseCoopers International Ltd.. | |
Erika H. James Board | Independent Director | Dean of the Wharton School at the University of Pennsylvania | Erika H. James joined the Morgan Stanley Board of Directors in 2022. She is an expert in crisis leadership and workplace diversity. | |
Jami Miscik Board | Independent Director | Board Member at General Motors Company; Board Member at HP Inc. | Jami Miscik has been an Independent Director at Morgan Stanley since 2014. She is the CEO of Global Strategic Insights and has extensive experience in geopolitical risk. | |
Mary L. Schapiro Board | Independent Director | Board Member at CVS Health Corporation | Mary L. Schapiro has been an Independent Director at Morgan Stanley since 2018. She is a former Chair of the U.S. Securities and Exchange Commission (SEC). | |
Masato Miyachi Board | Non-Management Director | Advisor at MUFG Bank, Ltd. and Mitsubishi UFJ Securities Holdings Co., Ltd. | Masato Miyachi joined the Morgan Stanley Board of Directors in 2022. He has over 35 years of international banking experience. | |
Perry M. Traquina Board | Independent Director | Board Member at The Allstate Corporation; Board Member at eBay Inc. | Perry M. Traquina has been an Independent Director at Morgan Stanley since 2015. He is a former Chair, CEO, and Managing Partner of Wellington Management Company LLP. | |
Rayford Wilkins, Jr. Board | Independent Director | Board Member at Caterpillar Inc.; Board Member at Valero Energy Corporation | Rayford Wilkins, Jr. has been an Independent Director at Morgan Stanley since 2013. He has extensive experience in telecommunications, having served as CEO of Diversified Businesses at AT&T. | |
Robert H. Herz Board | Independent Director | Director at Federal National Mortgage Association (Fannie Mae); Director at Workiva Inc. | Robert Herz has been an Independent Director at Morgan Stanley since 2012. He is a former Chair of the Financial Accounting Standards Board (FASB). | |
Shelley B. Leibowitz Board | Independent Director | Board Member at Elastic NV (Elastic) | Shelley B. Leibowitz has been an Independent Director at Morgan Stanley since 2020. She is the President of SL Advisory and has expertise in technology and digital transformation. | |
Thomas H. Glocer Board | Independent Lead Director | Board Member at Merck & Co., Inc. | Thomas Glocer has been an Independent Lead Director at Morgan Stanley since 2013. He is the founder of Angelic Ventures, LP, and a former CEO of Thomson Reuters Corporation. |
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With the Fed's recent rate cuts and shifting expectations around future monetary policy, how do you plan to sustain or grow Net Interest Income in Wealth Management next year given pressures on deposit betas and uncertainty in the rate environment?
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Given the strong fee-based asset flows into fixed income and alternative products, how sustainable are these trends if interest rates rise or markets become less constructive, and what impact could that have on your fee rates and overall asset flows?
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With potential changes from upcoming Basel III regulations and the associated capital uncertainties, how are you balancing capital allocation between maintaining strong capital ratios, investing in global growth opportunities, and returning capital to shareholders through buybacks, especially considering possible capital constraints?
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You have achieved significant operating leverage through disciplined expense management, but as you continue to invest in growth and infrastructure, how realistic is it to maintain or improve your efficiency ratio, and where do you see further opportunities for cost savings without compromising growth?
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Considering your significant investments in Europe and Asia and the benefits you've cited from your global integrated investment bank model, how do you assess the risks and rewards of these international expansions, particularly in regions with economic or political volatility, and how does this impact your overall growth strategy?
Research analysts who have asked questions during MORGAN STANLEY earnings calls.
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Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
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Cook Street Consulting, Inc. | 2022 | Morgan Stanley acquired Cook Street Consulting, Inc. on March 10, 2022. As part of the deal, Morgan Stanley assumed sponsorship of the CSCI 401(k) Plan with approximately $10 million in assets as of December 31, 2021, and enabled employees to participate in the plan until its merger with Morgan Stanley's plan at the end of December 31, 2022. |
Recent press releases and 8-K filings for MS.
- Morgan Stanley delivered consolidated net revenues of $18.224 billion, up 18% year-over-year and 9% quarter-over-quarter.
- Q3 net income applicable to Morgan Stanley was $4.610 billion, a 45% increase YoY and 30% increase QoQ, with basic earnings per share of $2.83.
- Return on average common equity rose to 18.0%, compared with 13.1% in Q3 2024.
- Business segment net revenues: Institutional Securities $8.523 billion (+25% YoY), Wealth Management $8.234 billion (+13% YoY), Investment Management $1.651 billion (+13% YoY).
- Morgan Stanley generated record revenues of $18.2 B and EPS of $2.80 in Q3 2025, with a 23.5% RoTCE reflecting strong operating leverage across its integrated model.
- Total client assets across Wealth & Investment Management rose by $1.3 T year-over-year to $8.9 T.
- Institutional Securities revenues reached $8.5 B, including $2.1 B of Investment Banking revenues (advisory $684 M; equity underwriting $652 M; fixed-income underwriting $772 M).
- Wealth Management amassed $7.0 T in client assets, delivered $8.2 B in Q3 revenues, a 30.3% pretax margin, $81 B in net new assets and $42 B in fee-based flows.
- Morgan Stanley delivered $18.2 B net revenues, $2.80 EPS, and 23.5% ROTCE for Q3 2025, up 18% in revenues and 49% in EPS year-over-year.
- Institutional Securities net revenues were $8.5 B, with pre-tax income of $3.2 B, driven by strong Equity and Investment Banking performance.
- Wealth Management posted $8.2 B net revenues, a 30.3% pre-tax margin, and generated $81 B in net new assets in the quarter.
- Total client assets across Wealth and Investment Management reached $8.9 T, Investment Management AUM were $1.8 T, with $16.5 B in long-term net flows.
- The Common Equity Tier 1 capital ratio stood at 15.2%, with book value per share of $62.98.
- Starting October 15, all clients—regardless of net worth or risk profile—can invest in crypto funds, including within retirement accounts.
- Prior restrictions requiring ≥ $1.5 million in assets and an aggressive risk tolerance have been removed.
- Morgan Stanley’s $8.2 trillion wealth management unit will offer only BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund initially, with more digital asset products possible later.
- The firm will integrate crypto trading on its E-Trade platform via a partnership with ZeroHash and use automated monitoring to cap allocations at up to 4% based on client risk profiles.
- Carta acquired Sirvatus, creating the first end-to-end private credit fund CFO platform by unifying fund management, loan operations and investor reporting.
- The acquisition addresses rapid growth in private credit AUM, which reached $1.7 trillion in 2024 and is projected to hit $2.8 trillion by 2028, driving demand for faster, more accurate and transparent operations.
- Loan Operations replaces manual, error-prone tasks with automated tracking of complex loan structures, real-time dashboards of positions, rates and performance, and integrated fund accounting and reconciliation.
- The deal deepens Carta’s partnerships with Morgan Stanley Wealth Management and the New York Stock Exchange to enhance private markets automation, data access and visibility for capital allocators.
- Carta has completed the acquisition of Sirvatus, integrating loan operations capabilities tailored for private credit fund CFOs into its platform, creating the first truly end-to-end private credit CFO solution
- The integrated Loan Operations features support complex deal structures, loan servicing automation, fund accounting, and LP reporting, enabling more efficient data capture and reporting for fund managers
- This acquisition follows Carta’s recent purchase of Accelex and complements its partnerships with Morgan Stanley Wealth Management, aiming to accelerate the modernization and growth of the private credit market
- Samsung’s stock is up 76% year-to-date, reaching record highs on optimism around its AI chip and memory businesses.
- Key drivers include a $16.5 billion AI chipmaking deal with Tesla, supply negotiations with Nvidia for HBM memory, and a major agreement with OpenAI.
- Nvidia approved Samsung’s HBM3E memory modules for its GB300 AI accelerator, marking a significant win in semiconductor supply chain.
- Morgan Stanley raised its price target by 14% to 111,000 won, citing strong Q4 memory pricing and sustained AI demand through 2026.
- Samsung’s market cap hit $390 billion, and alongside SK Hynix’s 145% gain, has driven South Korea’s Kospi index up 50% YTD.
- Zerohash adds support for the privacy-enabled Canton Network, allowing institutional clients to buy, sell, custody, send, and receive Canton Coin (CC) and USDC.Canton.
- Its tokenization engine now enables partners to issue asset-backed tokens on Canton, facilitating compliant digital product launches.
- Zerohash runs node services, including a super validator, to ensure the Canton network’s stability and resilience.
- The integration extends to global platforms such as Morgan Stanley, Interactive Brokers, Franklin Templeton, Tastytrade, and others.
- MapLight Therapeutics aims to raise $250M by offering 14.7–14.8M shares at $17 each on Nasdaq, targeting a valuation above $700M.
- IPO proceeds will fund up to $120M for its phase 2 schizophrenia trial of ML-007C-MA (launched July with 300 participants) and $70M for a phase 2 Alzheimer’s psychosis study, alongside research on other candidates.
- The company reported a net loss of $251.6M as of June 30, with $60.5M in cash on hand.
- The offering is underwritten by Morgan Stanley, Jefferies, Leerink Partners, and Stifel, and includes a private placement of 476,707 shares by Goldman Sachs affiliates.
- Morgan Stanley raised its rating on Micron Technology to overweight from equal weight and lifted the price target to $220, forecasting multiple quarters of double-digit price increases in memory markets.
- Analyst Joseph Moore cited healthy upside potential based on valuation relative to the last cycle peak and growing earnings estimates driven by long-term AI demand.
- Micron’s next-generation HBM4 memory delivers 2.8 TB/s bandwidth and pin speeds above 11 Gbps, positioning it ahead of Samsung and SK Hynix in AI and data center applications.
- Strong DRAM and NAND demand has tightened supply and pushed DDR5 spot pricing up 15% since Micron’s guidance, fueling buyer anxiety about availability through 2026.
- Despite being a quarter behind SK Hynix in HBM4 volume shipments, Morgan Stanley expects Micron to maintain market share by integrating a TSMC-built base die with HBM4E technology.