Morgan Stanley (MS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas globales, Morgan Stanley se erige como un imponente faro de innovación estratégica y servicios financieros integrales. Al crear meticulosamente un modelo de negocio que integra perfectamente la tecnología de vanguardia, las profundas ideas del mercado y las relaciones personalizadas de los clientes, esta potencia financiera ha transformado cómo los inversores institucionales e individuales navegan por el complejo panorama de las estrategias de gestión de patrimonio y de inversión. Desde la banca de inversión de alto riesgo hasta las soluciones de riqueza a medida, el modelo de modelo de negocio de Morgan Stanley revela un plan sofisticado que ha posicionado a la empresa como líder en ofrecer un valor financiero excepcional en múltiples sectores y mercados globales.

Morgan Stanley (MS) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras globales

Morgan Stanley mantiene asociaciones estratégicas con múltiples instituciones financieras globales:

Institución asociada	Detalles de la asociación	Año establecido
China International Capital Corporation (CICC)	Asociación de banca de inversión de empresa conjunta	1995
Mitsubishi UFJ Financial Group	Inversión estratégica significativa y asociación	2008
Grupo robico	Colaboración de gestión de activos	2013

Asociaciones con empresas de tecnología para la transformación digital

Morgan Stanley colabora con empresas de tecnología para mejorar las capacidades digitales:

• Microsoft Cloud Partnership for Enterprise Infrastructure
• Integración de Salesforce para la gestión de relaciones con el cliente
• Colaboración con proveedores de tecnología de IA como Datarobot

Colaboración con firmas de investigación y asesoramiento de inversiones

Morgan Stanley se involucra en asociaciones de investigación y asesoramiento:

Socio de investigación	Enfoque de colaboración	Presupuesto de investigación anual
Gartner	Tecnología e investigación de mercado	$ 3.2 millones
McKinsey & Compañía	Servicios de consultoría estratégica	$ 5.7 millones

Empresas conjuntas en mercados emergentes y gestión de patrimonio

Asociaciones del mercado emergente de Morgan Stanley:

• India: empresa conjunta con Rolta India para servicios de inversión
• Brasil: Asociación estratégica con BTG Pactual
• Sudeste de Asia: colaboración con empresas locales de gestión de patrimonio

Inversión total de asociación en 2023: $ 287.5 millones

Morgan Stanley (MS) - Modelo de negocios: actividades clave

Banca de inversión y negociación de valores

Morgan Stanley informó $ 9.2 mil millones en ingresos de la banca de inversión para el año fiscal 2023. Comercio de valores generados $ 5.7 mil millones en ingresos netos durante el mismo período.

Categoría de negociación	Ingresos (2023)
Comercio de renta variable	$ 3.4 mil millones
Comercio de renta fija	$ 2.3 mil millones

Servicios de gestión de patrimonio y asesoramiento financiero

La división de gestión de patrimonio de Morgan Stanley gestionó $ 4.9 billones En los activos del cliente a partir del cuarto trimestre de 2023.

• Total de asesor financiero encabezado: 16,575
• Activos de cliente promedio por asesor: $ 296 millones
• Ingresos netos de gestión de patrimonio: $ 6.3 mil millones en 2023

Consultoría de fusiones y adquisiciones

Morgan Stanley aconsejó $ 387 mil millones En transacciones globales de M&A en 2023.

Categoría de M&A Deal	Valor de transacción
Ofertas corporativas globales	$ 247 mil millones
Transacciones transfronterizas	$ 140 mil millones

Gestión de riesgos y análisis financiero

Morgan Stanley mantiene $ 1.2 billones en activos ponderados por el riesgo con una relación de nivel de equidad común 1 (CET1) de 14.6% A partir del cuarto trimestre 2023.

Estrategias globales de investigación de mercado e inversión

Cubre la división de investigación 1.750 empresas En múltiples sectores con un equipo de investigación global de 450 analistas.

• Cobertura de investigación: mercados mundiales de renta variable
• Informes de estrategia de inversión publicados: 3.200 anuales
• Presupuesto de investigación: $ 325 millones en 2023

Morgan Stanley (MS) - Modelo de negocios: recursos clave

Profesionales y analistas financieros altamente calificados

A partir del cuarto trimestre de 2023, Morgan Stanley empleó a 82,427 empleados totales a nivel mundial. Banca y ventas de inversión & Las divisiones comerciales emplean a aproximadamente 18,500 profesionales.

Categoría de empleado	Número de empleados
Fuerza laboral global total	82,427
Profesionales de banca de inversión	9,250
Ventas & Profesionales comerciales	9,250

Plataformas avanzadas de infraestructura tecnológica y comercio

Morgan Stanley invirtió $ 5.2 mil millones en tecnología e infraestructura digital en 2023.

• Plataformas de comercio digital
• Sistemas de ciberseguridad
• AI y tecnologías de aprendizaje automático
• Infraestructura de computación en la nube

Redes globales fuertes y relaciones con los clientes

Morgan Stanley atiende a clientes en 41 países con 1.300 oficinas en todo el mundo.

Alcance geográfico	Número
Países atendidos	41
Oficinas globales	1,300
Clientes institucionales	3,700+

Capital financiero y fondos de inversión sustanciales

Recursos financieros de Morgan Stanley a partir del cuarto trimestre de 2023:

• Activos totales: $ 1.2 billones
• Equidad total de accionistas: $ 89.4 mil millones
• Activos bajo administración (AUM): $ 6.5 billones

Investigación patentada e inteligencia de mercado

Morgan Stanley Research cubre más de 1.800 empresas en múltiples sectores y regiones.

Métricas de investigación	Número
Empresas cubiertas	1,800+
Analistas de investigación	1,200+
Plataformas de investigación globales	24

Morgan Stanley (MS) - Modelo de negocio: propuestas de valor

Servicios financieros integrales en múltiples sectores

Morgan Stanley ofrece servicios financieros en sectores clave con $ 1.2 billones en activos totales del cliente a partir del cuarto trimestre de 2023. Desglose de ingresos incluye:

Sector	Ingresos anuales	Porcentaje
Valores institucionales	$ 22.4 mil millones	42%
Gestión de patrimonio	$ 20.7 mil millones	39%
Gestión de inversiones	$ 10.1 mil millones	19%

Soluciones personalizadas de gestión de patrimonio

Morgan Stanley ofrece servicios a medida de gestión de patrimonio con:

• $ 4.5 billones en activos de gestión de patrimonio
• Más de 16,000 asesores financieros
• Tamaño promedio de la cartera de clientes de $ 27 millones

Estrategias de inversión innovadora y asesoramiento financiero

Las capacidades de la estrategia de inversión incluyen:

• $ 1.2 billones en activos discretarios de gestión de inversiones
• 63 analistas de investigación que cubren los mercados globales
• Plataformas de comercio algorítmicos avanzados

Insights y experiencia en el mercado global

La cobertura del mercado global incluye:

Región geográfica	Número de oficinas	Países atendidos
América del norte	142	Estados Unidos, Canadá
Europa	37	Reino Unido, Alemania, Francia
Asia Pacífico	46	China, Japón, Singapur

Servicio al cliente y gestión de relaciones de alto contacto

Métricas de relación con el cliente:

• 95% de tasa de retención del cliente
• Duración promedio de la relación con el cliente de 12.4 años
• Equipos de soporte cliente dedicados 24/7

Morgan Stanley (MS) - Modelo de negocios: relaciones con los clientes

Gerentes de relaciones dedicadas para clientes de alto nivel de red

Morgan Stanley atiende a aproximadamente 3 millones de clientes individuales de gestión de patrimonio a partir del cuarto trimestre de 2023. La empresa administra $ 4.5 billones en activos del cliente con un tamaño de cuenta promedio de $ 1.5 millones para individuos de alto nivel de red.

Segmento de clientes	Número de clientes	Valor de cuenta promedio
Individuos de alto nivel de red	250,000	$ 5.2 millones
Clientes institucionales	15,000	$ 250 millones

Servicios de consultoría y asesoramiento financiero personalizados

Morgan Stanley emplea a 16,000 asesores financieros en 1,200 oficinas en los Estados Unidos. Los servicios de asesoramiento de la empresa cubren:

• Gestión de patrimonio
• Planificación de inversiones
• Estrategias de jubilación
• Planificación patrimonial
• Optimización de impuestos

Plataformas digitales para la participación del cliente y la gestión de la cartera

Plataforma digital de Morgan Stanley, Acceso de Morgan Stanley, admite $ 2.3 billones en activos digitales bajo administración. La plataforma procesa más de 500,000 transacciones digitales diarias.

Métricas de plataforma digital	2023 datos
Descargas de aplicaciones móviles	1.2 millones
Usuarios digitales activos	850,000

Actualizaciones regulares del mercado e información de inversión

Morgan Stanley Research genera más de 50,000 informes de investigación anualmente, cubriendo 4,500 empresas en 75 industrias a nivel mundial.

Soluciones financieras personalizadas para clientes institucionales e individuales

La firma proporciona soluciones especializadas en múltiples segmentos con $ 1.8 billones en activos institucionales bajo administración.

• Gestión de fondos de pensiones
• Estrategias de inversión corporativa
• Soluciones de fondos de cobertura
• Gestión de patrimonio privado

Morgan Stanley (MS) - Modelo de negocios: canales

Plataformas de banca y comercio digitales

Morgan Stanley ofrece plataformas digitales integrales con las siguientes especificaciones:

• Plataforma en línea de Morgan Stanley con 3.2 millones de usuarios digitales activos
• Volumen total de transacción digital de $ 487 mil millones en 2023
• La plataforma admite más de 15 tipos diferentes de instrumentos financieros

Característica de la plataforma	Métricas de usuario
Cuentas de usuario digital	3,200,000
Volumen anual de transacción digital	$ 487 mil millones
Protocolos de seguridad de la plataforma	Cifrado de 256 bits

Red de sucursales físicas

Morgan Stanley mantiene una presencia física estratégica:

• Ubicaciones de sucursales totales: 1.209 en los Estados Unidos
• Tamaño promedio de la rama: 4,500 pies cuadrados
• Puntos de interacción del cliente: 16,000 asesores financieros

Aplicaciones móviles

Las capacidades de la plataforma móvil incluyen:

• Descargas de aplicaciones móviles: 2.1 millones en 2023
• Porcentaje de transacción móvil: 42% de las transacciones totales
• Calificación de la aplicación: 4.6/5 en las principales tiendas de aplicaciones

Equipo de ventas directas

Composición y rendimiento de la fuerza de ventas:

Métrico de ventas	2023 datos
Representantes de ventas totales	16,000
Valor promedio de cartera de clientes	$ 47 millones
Ingresos anuales de ventas	$ 21.3 mil millones

Servicios de atención al cliente y servicios de asesoramiento en línea

Detalles de la infraestructura de soporte digital:

• Disponibilidad de soporte en línea 24/7
• Tiempo de respuesta promedio: 7.2 minutos
• Sesiones de asesoramiento virtual: 128,000 por mes

Morgan Stanley (MS) - Modelo de negocios: segmentos de clientes

Individuos de alto nivel de red

Morgan Stanley atiende a personas de alto patrimonio con activos totales de $ 4.5 billones en gestión de patrimonio a partir del cuarto trimestre de 2023. El patrimonio neto promedio del cliente en este segmento es de $ 10.4 millones.

Características de segmento	Datos estadísticos
Tamaño promedio de la cartera	$ 25.6 millones
Número de clientes de alto patrimonio	78,500
Ingresos de gestión de patrimonio	$ 21.3 mil millones en 2023

Inversores institucionales

Morgan Stanley atiende a 2,300 clientes de inversión institucional a nivel mundial con $ 1.2 billones en activos institucionales bajo administración.

• Gestión de fondos de pensiones: $ 456 mil millones
• Activos de dotación: $ 287 mil millones
• Asesor de Fondo Sovereign Wealth: $ 210 mil millones

Clientes corporativos

Morgan Stanley brinda servicios de banca de inversión a 1.850 clientes corporativos en 42 países.

Servicios corporativos	Volumen de transacción
Aviso de fusiones y adquisiciones	$ 782 mil millones en 2023
Suscripción de capital	$ 124 mil millones
Mercados de capital de deuda	$ 298 mil millones

Gobiernos y fondos de riqueza soberana

Morgan Stanley asesora a 87 clientes del Fondo de Riqueza Gobierno y Soberano con activos totales bajo el asesoramiento de $ 3.6 billones.

Inversores minoristas ricos

Morgan Stanley atiende a 3.2 millones de cuentas de inversores minoristas con un valor de cuenta promedio de $ 1.4 millones.

Segmento de inversores minoristas	Métrica
Cuentas minoristas totales	3,200,000
Valor de cuenta promedio	$ 1.4 millones
Usuarios de plataforma digital	2.1 millones

Morgan Stanley (MS) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

En 2023, los gastos de compensación total y beneficios de Morgan Stanley fueron de $ 28.4 mil millones, lo que representa aproximadamente el 46% de los gastos operativos totales.

Categoría de gastos	Monto ($ mil millones)	Porcentaje de compensación total
Salarios base	12.6	44.4%
Bonificaciones	9.8	34.5%
Compensación basada en acciones	4.2	14.8%
Beneficios y otra compensación	1.8	6.3%

Infraestructura y mantenimiento de la tecnología

Morgan Stanley invirtió $ 3.2 mil millones en infraestructura tecnológica y transformación digital en 2023.

• Gastos de computación en la nube: $ 780 millones
• Sistemas de ciberseguridad: $ 450 millones
• Desarrollo de la plataforma digital: $ 620 millones
• Mantenimiento de hardware y software: $ 350 millones

Cumplimiento regulatorio y gastos legales

En 2023, Morgan Stanley gastó $ 1.1 mil millones en cumplimiento regulatorio y gastos legales.

Área de cumplimiento	Gasto ($ millones)
Presentación regulatoria e informes	340
Asesoría legal y consultoría	420
Capacitación de cumplimiento	140
Sistemas de gestión de riesgos	200

Costos de marketing y adquisición de clientes

Morgan Stanley asignó $ 850 millones a marketing y adquisición de clientes en 2023.

• Marketing digital: $ 280 millones
• Patrocinios de eventos: $ 150 millones
• Gestión de la relación con el cliente: $ 220 millones
• Campañas publicitarias: $ 200 millones

Inversiones de investigación y desarrollo

Morgan Stanley invirtió $ 750 millones en iniciativas de investigación y desarrollo en 2023.

Área de enfoque de I + D	Inversión ($ millones)
Inteligencia artificial	280
Blockchain y tecnologías de criptomonedas	180
Innovaciones de gestión de patrimonio	190
Investigación de finanzas sostenibles	100

Morgan Stanley (MS) - Modelo de negocios: flujos de ingresos

Tarifas de banca de inversión

Morgan Stanley informó que los ingresos de la banca de inversión de $ 6.5 mil millones para el año fiscal 2023. El desglose de estos ingresos incluye:

Categoría de servicio	Monto de ingresos
Servicios de asesoramiento	$ 2.3 mil millones
Servicios de suscripción	$ 4.2 mil millones

Comisiones comerciales

Los ingresos comerciales de Morgan Stanley para 2023 totalizaron $ 9.2 mil millones, con la siguiente distribución:

• Comercio de capital: $ 5.4 mil millones
• Operación de renta fija: $ 3.8 mil millones

Cargos de servicio de gestión de patrimonio

Segmento de gestión de patrimonio generado $ 22.7 mil millones en ingresos para 2023, incluyendo:

Fuente de ingresos	Cantidad
Tarifas de gestión	$ 15.3 mil millones
Tarifas de transacción	$ 7.4 mil millones

Tarifas de gestión de activos

Segmento de gestión de activos generado $ 4.6 mil millones en tarifas para 2023, con:

• Tarifas de gestión institucional: $ 2.9 mil millones
• Tarifas de gestión minorista: $ 1.7 mil millones

Ingresos por intereses de los servicios financieros

Los ingresos por intereses de Morgan Stanley para 2023 fueron $ 18.3 mil millones, compuesto de:

Fuente de ingresos por intereses	Cantidad
Préstamos y financiamiento	$ 12.5 mil millones
Valores de inversión	$ 5.8 mil millones

Morgan Stanley (MS) - Canvas Business Model: Value Propositions

You're looking at the core value Morgan Stanley (MS) delivers to its clients and the market as of late 2025. It's all about scale, integration, and high-margin advice.

Stability and resilience through a diversified, integrated business model.

The firm's structure is designed for balance. You see this in the revenue mix and capital strength. Total client assets across Wealth and Investment Management hit $8.9 trillion in the third quarter of 2025. Net revenues for that same quarter were $18.2 billion, an 18% increase year-over-year. The wealth and asset management businesses together contributed 53% of total net revenues in the first nine months of 2025, showing a clear shift toward more durable, fee-based income. Plus, the capital position remains solid, with the Common Equity Tier 1 capital ratio at 15.2% under the Standardized Approach as of September 30, 2025. That's real resilience.

Here's a quick look at the scale of the integrated firm in Q3 2025:

Metric	Value (Q3 2025)	Source Period
Total Client Assets (WM & IM)	$8.9 trillion	Q3 2025
Firm Net Revenues	$18.224 billion	Q3 2025
Return on Tangible Common Equity (ROTCE)	23.5%	Q3 2025
Institutional Securities Net Revenues	$8.523 billion	Q3 2025

Access to global capital markets and sophisticated institutional financing.

For institutions, Morgan Stanley delivers deep market access. The Institutional Securities segment pulled in net revenues of $8.5 billion in Q3 2025. Investment Banking activity rebounded, posting revenues of $2.108 billion that quarter, driven by higher IPOs and M&A transactions. The firm's Investment Banking Co-Head claimed the dealmaking pipeline was at "all-time highs" in October 2025. In Q1 2025, the Equity trading business alone generated $4.13 billion in revenue, reflecting robust client activity. You get access to sophisticated financing, like the growing appetite for investment-grade private credit, which the firm is actively involved in.

Comprehensive wealth planning and personalized advice for high-net-worth clients.

The focus here is on high-margin advice. Wealth Management achieved a 30% pre-tax margin in Q3 2025, hitting a key profitability target. The firm is successfully funneling clients through its channels, adding $81 billion in net new assets in that same quarter. Overall, the firm services 20 million individual relationships across its channels. This personalized advice is what drives the durable, recurring fee-based revenue stream.

Scale in asset management, with over $2.5 trillion in fee-based assets.

The scale in asset management is significant. Fee-based client assets within Wealth Management alone reached $2.653 trillion by Q3 2025. This figure is up from $2.302 trillion a year prior in Q3 2024. Separately, the Investment Management division's total Assets Under Management (AUM) hit a record $1.807 trillion in Q3 2025. The firm generated $41.9 billion in fee-based asset flows in Q3 2025.

• Fee-based Assets (Wealth Management): $2.653 trillion (Q3 2025)
• Investment Management AUM: $1.807 trillion (Q3 2025)
• Net New Assets (Wealth Management): $81.0 billion (Q3 2025)

Thought leadership and research on key trends like AI and energy transition.

Morgan Stanley provides proprietary views on major shifts. Leadership has commented on being more "discerning" about financing companies in the Artificial Intelligence space. The firm's research output covers global fixed income markets, multi-asset positioning, and deep dives into themes like Real Assets and Private Credit & Equity. You can expect analysis on how corporate strategy is adapting to geopolitical uncertainty and evolving trade policy.

Finance: draft 13-week cash view by Friday.

Morgan Stanley (MS) - Canvas Business Model: Customer Relationships

You're looking at how Morgan Stanley (MS) keeps its massive client base engaged, which is the core of their Wealth Management and Investment Management segments. It's a mix of personal service and digital scale, honestly.

Dedicated, high-touch relationship management via Financial Advisors.

The firm relies heavily on its Financial Advisors for its high-touch service model. While Morgan Stanley executives have moved away from quarterly reporting of advisor headcount, the quality and recognition of the advisor force remain a focus. For instance, the 2025 Forbes Top Wealth Advisors ranking included 59 Morgan Stanley Advisors, more than any other firm. Furthermore, the 2025 Forbes Best-In-State ranking recognized 1,885 Morgan Stanley Advisors, with 16 of those advisors ranking number one in their respective territories. This indicates a significant, high-performing advisor force driving client relationships.

Self-service and digital tools for ETRADE retail and stock plan clients.

The integration of ETRADE provides a crucial self-service channel. At the time of the acquisition, the combined platforms were projected to serve 8.2 million retail client relationships and accounts, alongside 4.6 million stock plan participants. The ETRADE platform supports retail customers with direct-to-consumer and digital capabilities, complementing the advisor-driven model. ETRADE from Morgan Stanley continues to release data based on customer behavior, such as its monthly sector rotation study.

Institutional relationship teams for corporate and sovereign clients.

Morgan Stanley maintains a global footprint to serve its institutional clients, including corporations and governments. The firm operates with offices in 42 countries. These relationship teams manage complex needs across Investment Banking and the Investment Management segment, which serves institutional clients through proprietary and third-party distribution channels. The firm's focus on expanding its wealth and asset management operations supports this diverse client base.

Client-focused events and proprietary market seminars to build loyalty.

Building loyalty involves direct engagement through proprietary content and events. Morgan Stanley hosts events like the Global Consumer & Retail Conference, which took place in December 2025, and issues proprietary outlooks, such as the 2025 Capital Markets Outlook published in February 2025. These interactions are designed to provide keen insight across regions and markets, underpinning the firm's commitment to its clients.

Here's a quick look at the scale of client assets managed across the key segments as of mid-2025:

Metric	Value as of Late 2025 Data Point
Total Client Assets (WM + IM)	Over $8.2 trillion (Q2 2025)
WM Segment Client Asset CAGR (2019-2024)	18.1%
IM Segment AUM CAGR (2019-2024)	24.7%
Projected Aggregate WM/IM Revenue Contribution (2025)	55.2%

The firm has an explicit goal to grow total client assets to exceed $10 trillion.

The client base is segmented across various needs, which the firm addresses through specialized offerings:

• High Net Worth Individuals
• Ultra High Net Worth Individuals
• Institutional Clients
• Family Offices

Finance: review the Q3 2025 client retention rate for the Wealth Management segment by end of next week.

Morgan Stanley (MS) - Canvas Business Model: Channels

You're looking at how Morgan Stanley (MS) gets its services and products to clients, which is a mix of high-touch advisory and massive digital scale. It's defintely an integrated approach now.

Global network of physical offices and branches for Institutional Securities

The Institutional Securities business relies on a global physical presence to service corporations, governments, and institutions for investment banking and trading.

Morgan Stanley operates with a worldwide footprint, maintaining offices in 42 countries as of the latest available data. The world headquarters remains at 1585 Broadway in New York City. This physical network supports the global market access and trading capabilities that drive the Institutional Securities segment.

Financial Advisor-led brokerage and advisory accounts

This channel is the core of the advisor-driven wealth management experience. You see the scale of this through the assets they manage.

As of the third quarter of 2025, the total client assets across the Wealth Management and Investment Management segments reached $8.9 trillion. The Wealth Management portion, which is heavily reliant on Financial Advisors, reported fee-based assets of $2,653 billion at the end of Q3 2025. The momentum in this channel was clear, bringing in $81.0 billion in net new assets during that same quarter.

Here's a quick look at the scale of the Wealth and Investment Management channels as of late 2025:

Metric	Value (Q3 2025)	Source Segment
Total Client Assets (WM & IM Aggregate)	$8.9 trillion	Wealth & Investment Management
Fee-based Client Assets	$2,653 billion	Wealth Management
Net New Assets (NNA)	$81.0 billion	Wealth Management (Q3 2025)
Investment Management AUM	$1,807 billion	Investment Management

ETRADE digital platform for self-directed retail investors

The ETRADE platform provides the self-directed and digital banking access point for a significant portion of Morgan Stanley's retail clients. This channel was integrated following the acquisition valued at approximately $13 billion.

At the time of the deal announcement, ETRADE brought over 5.2 million client accounts and $360 billion in retail client assets. Even recently, as of December 6, 2025, the Premium Savings Account offered through the platform showed an Annual Percentage Yield (APY) of 3.75%.

• Commodity futures and options on futures products are offered by ETRADE Futures LLC, Member NFA.
• Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.
• The platform supports online brokerage, automated investment management via Core Portfolios, and various IRA types.

Morgan Stanley Investment Management (MSIM) third-party distribution channels

Morgan Stanley Investment Management (MSIM) uses various external channels to reach institutional and retail clients, complementing its direct institutional distribution.

MSIM's Assets Under Management (AUM) stood at $1,807 billion as of the third quarter of 2025. The long-term net flows for the Investment Management segment were $16.5 billion in Q3 2025, showing continued external demand for their products.

The firm is also tracking investor sentiment through its surveys, noting that 86% of asset owners expected to increase allocations to sustainable funds over the next two years, according to a November 2025 survey, which impacts how mandates are awarded through these distribution partners.

Morgan Stanley (MS) - Canvas Business Model: Customer Segments

You're looking at how Morgan Stanley structures its relationships with the diverse set of clients it serves across its global platform as of late 2025. The firm's strategy clearly emphasizes growing the wealth and asset management side, which now contributes 53% of total net revenues in the first nine months of 2025, up from 26% in 2010.

The client base is segmented across the Institutional Securities, Wealth Management, and Investment Management divisions. Total client assets across Wealth and Investment Management climbed to over $8.2 trillion in the second quarter of 2025, pushing toward the goal of exceeding $10 trillion.

Global Corporations and Governments (Institutional Securities)

This segment serves the largest entities in the global economy. Morgan Stanley helps corporations and governments with capital raising, M&A advisory, and trading services. The activity here is a key driver of overall firm performance, especially when deal-making picks up, as seen with the rebound in global M&A activity in the third quarter of 2025.

For instance, client activity in Asia amid market volatility drove the Asia region revenues for this segment up 29% year over year to $7.27 billion in the first nine months of 2025.

Key client types within this group include:

• Corporations seeking M&A advice and capital markets access.
• Governments requiring financing and advisory services.
• Financial institutions needing trading and execution services.

Ultra-High-Net-Worth and High-Net-Worth Individuals

These clients are served primarily through the Global Wealth Management Group, often utilizing the full-service, advisor-driven model. They access the firm's combined resources, including investment banking services and proprietary deals, which is a key differentiator for this sophisticated clientele.

The Wealth Management segment's total client assets showed a five-year (2019-2024) compound annual growth rate (CAGR) of 18.1%, and this growth trend continued into 2025.

Retail and Mass Affluent Investors (via ETRADE)

The acquisition of ETRADE positioned Morgan Stanley as a top player across all wealth management channels, including the self-directed space. This group relies heavily on digital capabilities and commission-free trading options.

While the initial deal metrics from 2020 showed ETRADE brought over 5.2 million client accounts and $360 billion in retail client assets, the combined platform now serves 8.2 million retail client relationships and accounts.

The offering for this segment includes:

• Brokerage and investment advisory services.
• Retirement plan services.
• Cash Management Solutions like the Active Assets Account.

Institutional Investors (pension funds, endowments, sovereign wealth funds)

This group is a core focus for the Investment Management segment. Morgan Stanley Investment Management (MSIM) provides a suite of solutions across public and private markets to these large pools of capital.

As of September 30, 2025, MSIM managed or supervised $1.8 trillion in assets. The Investment Management segment's total assets under management saw a five-year (2019-2024) CAGR of 24.7%, with the uptrend continuing in 2025.

The client base here is extensive:

• Defined benefit/defined contribution pension funds.
• Foundations and endowments.
• Sovereign wealth funds and insurance companies.
• Third-party fund sponsors.

Private Equity Sponsors and Hedge Funds (Prime Brokerage)

These sophisticated financial players are major users of the Institutional Securities segment, particularly the Prime Brokerage services. This area benefits significantly from market volatility and solid client activity, as evidenced by record equity net revenues in Asia driven by prime brokerage outperformance.

Morgan Stanley helps these clients with tailored and flexible structures, especially in areas like private credit, where the market is estimated to reach $2.8 trillion by 2028.

Here's a quick look at the scale of assets managed for clients across the wealth and investment arms as of mid-to-late 2025:

Client Asset Category	Metric/Value	As of Date/Period
Total Client Assets (WM & IM)	Over $8.2 trillion	Q2 2025
Investment Management AUM/Supervision	$1.8 trillion	September 30, 2025
Wealth Management (Pre-Eaton Vance/MSIM Growth)	$5.4 trillion	2021 (Post-Acquisition Baseline)
ETRADE Retail Client Assets (Acquisition Baseline)	Over $360 billion	February 2020

The firm's strategy is clearly about capturing more wallet share across the spectrum, from the individual investor on ETRADE to the largest sovereign wealth funds. Finance: draft 13-week cash view by Friday.

Morgan Stanley (MS) - Canvas Business Model: Cost Structure

You're looking at the expense side of Morgan Stanley's operations as of late 2025, and honestly, it's a story of scale and investment. The costs reflect a firm handling massive client flows and aggressively building for the future.

Compensation and benefits remains the single largest drain on the bottom line, which is typical for a services-heavy financial institution. For the third quarter ending September 30, 2025, the reported compensation expense was $7,442 million. This figure was driven higher by expenses related to deferred compensation and higher salaries. To give you a sense of the scale, the non-GAAP adjusted compensation expense, which excludes certain cash-based deferred compensation plans, was $7,142 million for the same period.

Next up are the non-compensation expenses, which are a direct reflection of growth investment. These expenses rose 9% in Q3 2025 compared to the prior year, totaling $4,754 million for the quarter. This increase was primarily due to higher execution-related expenses.

Here's a quick look at the major expense categories for the third quarter of 2025:

Expense Category	Q3 2025 Amount (Millions USD)	Context
Compensation Expense	$7,442	Largest single expense category.
Non-compensation Expenses	$4,754	Reflecting growth investment, up 9% year-over-year.
Interest Expense on Debt (Quarterly)	$12.97B	Reported for the fiscal quarter ending September 2025.

The firm is making significant technology and data infrastructure spending, especially on AI capabilities, which feeds into those non-compensation figures. While a specific Q3 2025 technology spend number isn't explicitly broken out, the forward-looking data is telling. Morgan Stanley's own analysts project that global data center construction will require approximately $2.9 trillion in investment from 2025 to 2028. Furthermore, the technology team forecasts AI software revenues to reach $1.1 trillion by 2028, suggesting the current investment cycle is expected to generate enduring cash flows.

You also have to account for regulatory compliance and legal costs associated with global operations, which is a constant, non-trivial cost of doing business at this scale. To be fair, we see other large, non-recurring operating costs, like the $144 million recorded for the reduction in force (RIF) in Q3 2025, which was included within Compensation and benefits expense.

Finally, the cost of financing the balance sheet shows up as interest expense on long-term debt. As of September 30, 2025, Morgan Stanley reported $324.1 billion in long-term debt outstanding. The actual interest expense recognized for that quarter was $12.97B. The firm's expense efficiency ratio improved to 67% in Q3 2025, down from 72% a year ago, showing they are managing these costs relative to record revenues.

Morgan Stanley (MS) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Morgan Stanley's profitability, the streams that feed the firm's overall performance as of late 2025. It's a mix of steady, recurring fees and the more volatile, but often lucrative, transactional businesses. Honestly, the shift toward fee-based income has been a major strategic focus for years.

The combined power of Wealth Management and Investment Management is substantial. In the first nine months of 2025 (9M 2025), these fee-based revenues contributed 53% of Morgan Stanley's total net revenues. This focus on recurring revenue provides a solid base, which is smart when capital markets get choppy.

Investment Banking fees remain a critical component, showing a strong rebound in dealmaking activity. After a slower period, the environment picked up steam. For the third quarter of 2025 (3Q 2025), Investment Banking revenue jumped 44% year-over-year to $2.11 billion. This was fueled by a rebound in strategic Mergers & Acquisitions (M&A) and renewed financing activity, with the pipeline reportedly at all-time highs.

Here's a quick look at the components of that Investment Banking revenue for 3Q 2025, based on consensus estimates:

Revenue Component	3Q 2025 Estimated Revenue (Year-over-Year Change)
Total Investment Banking Income	$1.51 billion (3.4% rise consensus)
Advisory Fees	$589 million (7.9% rise consensus)
Equity Underwriting Fees	$440 million (21.5% rise consensus)
Fixed Income Underwriting Fees	$510 million (8.1% fall consensus)

Sales and Trading revenue is where you see the immediate impact of market volatility. You definitely saw this in the first quarter of 2025 (Q1 2025), where equity trading revenue surged 45% to a record $4.13 billion. This was driven by heightened volatility, leading to increased hedging activity from clients. By the third quarter of 2025, Equity revenue was still strong at $4.12 billion, representing a 35% year-over-year increase.

Net interest income (NII) from lending and cash management services provides a steadier stream. For the second quarter of 2025 (Q2 2025), NII totaled $2.35 billion, which was flat compared to Q1 2025. This stability is supported by the cumulative impact of lending growth.

Asset Management fees are directly tied to the assets Morgan Stanley manages. Total client assets across Wealth and Investment Management reached $8.9 trillion by the end of 3Q 2025. The Investment Management segment specifically held $1.807 trillion in Assets Under Management (AUM) in 3Q 2025. This scale supported net revenues for the Investment Management segment of $1.651 billion in 3Q 2025.

To give you a clearer picture of the quarterly revenue mix from the latest available detailed reports, here's a snapshot:

• Wealth Management net revenues in 3Q 2025 hit a record $8.234 billion.
• The pre-tax margin for Wealth Management in 3Q 2025 was 30.3%.
• Net new assets for Wealth Management in 3Q 2025 were $81.0 billion.
• Fee-based asset flows in Wealth Management for 3Q 2025 were $41.9 billion.
• Investment Management net revenues in 3Q 2025 were $1.651 billion.

Here's how the key revenue segments stacked up in the third quarter of 2025:

Business Segment	3Q 2025 Net Revenues ($ millions)	Year-over-Year Change
Institutional Securities (Total)	$8,523	Increase
Investment Banking (within Institutional Securities)	$2,108	Up 44% (Implied from IB revenue rise)
Equity (within Institutional Securities)	$4,116	Surge (Q1 saw 45% surge)
Wealth Management (Total)	$8,234	Jump (Up 13% from a year ago)
Investment Management (Total)	$1,651	Increase

If onboarding takes 14+ days, churn risk rises, but for Morgan Stanley, the recurring revenue streams are definitely holding up their end of the bargain.

Finance: draft 13-week cash view by Friday.