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...Some of the biggest private equity and asset management groups — including TPG, BlackRock, T Rowe Price and CVC Capital Partners — have recently acquired credit managers as they look to diversify their assets...
...Sieg has told employees that part of his strategy is to sell clients more investment products and get paid a management fee on their assets, according to people familiar with the matter....
...This push helped Morgan Stanley’s market capitalisation leapfrog that of longtime rival Goldman Sachs, which is now also trying to grow in wealth and asset management....
...Growth in wealth management was a centrepiece of James Gorman’s tenure as chief executive, with the business growing to more than $5tn in assets, aided by the acquisitions of online trading platform ETrade...
...“As a result of strong net new asset growth, the firm has reached $7tn of client assets across wealth and investment management,” said chief executive Ted Pick, who took over from James Gorman at the start...
...The results highlighted the ability of Morgan Stanley’s wealth management business, which has been a driver of the bank’s growth in recent years, to add new client assets on a large scale....
...Morgan Stanley Investment Management has filed to adopt Vanguard’s exchange traded fund multi-share class structure, becoming the fifth in line to seek approval to do so....
...As part of the three-year strategy, Ermotti has targeted increasing invested wealth management assets from $3.8tn to more than $5tn by 2028....
...Rokos Capital Management, which manages about $16bn of assets, is up 8.8 per cent in 2024 to February 16. It told investors that the gains were largely driven by the recent sell-off in bond markets....
...Kelleher, a veteran of Morgan Stanley, will be watching if UBS can compete with his former bank and the industry leader in wealth management....
...“We are facing the last hurdle in the killing of inflation, particularly in the US,” says Matthew Morgan, head of fixed income at Jupiter Asset Management....
...Roaring equity markets and the popularity of a new spot bitcoin exchange traded fund powered BlackRock to record assets under management of $10.5tn and net income that rose by more than one-third....
...Zoom out beyond Morgan Stanley and Citi and their moves hint at broader pressures....
...expand into asset and wealth management....
...Gorman was chief executive of Morgan Stanley from 2010 until the end of 2023, during which time the bank’s stock price tripled as Wall Street cheered his strategy to expand in wealth and asset management...
...Morgan Stanley also promoted Jacques Chappuis and Ben Huneke as co-heads of investment management....
...Stefanie Drews, president of Japan’s Nikko Asset Management, has never had a go at karaoke....
...Under Solomon, Goldman has sought to emulate Morgan Stanley’s diversification, building up its asset and wealth management division to balance out the lumpier investment banking business....
...As a February Morgan Stanley Asset Management report put it: Index concentration has historically proved self-correcting, with some combination of regulatory, market and competitive forces, along with business...
...The changes Fraser outlined last year are resulting in at least 20,000 job cuts at Citi, the third-largest US bank by assets....
...from wealth and asset management....
...At the end of March, assets under management in European ETFs stood at €1.81tn, up 10 per cent on the previous quarter....
...Others, such as Goldman Sachs and Morgan Stanley, have relied on their wealth and asset management arms....
...Anyway, here’s the lowdown on asset management for this week. You’ll be back in Harriet’s capable (and tanned) hands next time....
...Read the full story here Chart of the week Liontrust was once a darling of the UK’s asset management industry, with chief executive John Ions presiding over an increase in assets from £1bn to £36bn in...
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