Morgan Stanley Wealth Revenue Rises 10% as Net New Assets Surge to Record $232 Billion
Updated
Updated · Wealth Management · Oct 14
Morgan Stanley Wealth Revenue Rises 10% as Net New Assets Surge to Record $232 Billion
3 articles · Updated · Wealth Management · Oct 14
Summary
$232 billion in Morgan Stanley net new assets more than doubled analyst expectations in Q3, lifting wealth revenue 10% to $9.06 billion as IPO-related flows drove more than half the haul.
IPO activity was the main engine behind that surge, with CFO Sharon Yeshaya citing deals such as SpaceX and saying expected listings including Anthropic and OpenAI should keep benefiting the franchise.
Bank of America's Merrill wealth unit also posted strong results, with revenue up 13% to $7.1 billion, asset-management fees up 16% to $4.5 billion and net income at $1.5 billion.
That wealth strength helped offset weaker trading lines at both firms: Morgan Stanley's fixed-income business declined, while Bank of America said bond trading fell 17% and equity trading dropped 10%.
Bank of America's quarter was also shadowed by a $1.2 billion Treasury settlement over anti-money-laundering supervision, which cut earnings by 17 cents a share even as the bank said remediation costs were already built into expenses.