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...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....
...Unilever, Morgan Stanley, JPMorgan and CVC declined to comment....
...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....
...The Americas accounts for roughly half of UBS’s invested assets and nearly two-thirds of its advisers....
...Kelleher, a veteran of Morgan Stanley, will be watching if UBS can compete with his former bank and the industry leader in wealth management....
...Thomas Nides, a former top Morgan Stanley executive and former US state department official has joined Blackstone Group as its vice chair....
...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...
...expand into asset and wealth management....
...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....
...from wealth and asset management....
...Before long, large investment banks including Goldman Sachs, Credit Suisse, Citigroup, Morgan Stanley and Deutsche Bank were building their own dedicated investment teams....
...Morgan Stanley also promoted Jacques Chappuis and Ben Huneke as co-heads of investment management....
...Investment banks including Lazard, Goldman Sachs, Morgan Stanley and BNP Paribas have also been tapped to explore the sale of various assets, including a stake in SFR for about €3bn and Altice’s operations...
...The wealth management division that Saperstein runs has been a critical growth driver for Morgan Stanley in recent years, with the business now overseeing almost $5tn in client assets....
...He is expected to press on with the strategy of outgoing boss James Gorman at the $120bn investment banking and asset management group. This has focused on growth in wealth and asset management....
...A senior banker has alleged that Morgan Stanley manufactured his job title to dupe European regulators into believing the bank had moved top staff to Frankfurt to comply with post-Brexit rules....
...Gorman revamped Morgan Stanley to focus on wealth and asset management, and crystallised his pivot with quick-fire deals for online trading platform ETrade and asset manager Eaton Vance....
...Zoom out beyond Morgan Stanley and Citi and their moves hint at broader pressures....
...A major challenge will be to decide on Morgan Stanley’s next strategic move, with the business set up by Gorman as an asset-gathering machine....
...The company emphasised that growth in assets managed and the management fees earned on those assets should balance the pressures from tighter spreads between lending and borrowing....
...Going by Morgan Stanley’s survey, that day could be very far away....
...Buyout groups sit on a record number of assets, and face pressure to sell some of their portfolio companies and return capital to their backers....
...Financial markets and parts of Morgan Stanley’s own investment banking business struggled to adjust to the Fed’s aggressive campaign to stamp out inflation....
...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...
...Morgan Stanley acquired Eaton Vance and its affiliates, including Calvert Research and Management, and Parametric Portfolio Associates in 2021. Morgan Stanley declined to comment....
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