Morgan Stanley reported a nearly 15% annual rise in the assets clients were entrusting to its financial advisors as the Wall Street stalwart continues to build its wealth management fortress.
The firm, which released
Morgan Stanley's wealth management business fell behind that pace in the third quarter, reporting only $35.7 billion in net new assets.
"That's obviously below recent quarters," Gorman said on an earnings call Wednesday. "It's consistent with what I've been saying for a long time. These numbers will bounce around, and in any quarterly period, there's always things."
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Morgan Stanley's overall performance was dragged down primarily by its investment banking unit, which helps finance mergers and acquisitions, initial public offerings and similar deals. The bank's overall profits for the quarter were down 9% year over year to $2.8 billion.
Morgan Stanley has been seen as an industry leader in recent times for its decision to move away from the cyclical ups and downs of investment banking and rely more on the steady fees generated by wealth management. It's a pivot that one of its biggest Wall Street rivals, Goldman Sachs, has been trying to emulate,
To see the main takeaways from Morgan Stanley's third-quarter earnings, scroll down. To read about the firm's second quarter,