Morgan Stanley (MS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças globais, o Morgan Stanley é um farol imponente de inovação estratégica e serviços financeiros abrangentes. Ao elaborar meticulosamente um modelo de negócios que integra perfeitamente a tecnologia de ponta, insights profundos do mercado e relacionamentos personalizados para clientes, essa potência financeira transformou como os investidores institucionais e individuais navegam no complexo cenário de estratégias de gestão e investimento de patrimônio. Desde bancos de investimento de alto risco até soluções de riqueza personalizadas, o modelo de negócios do Morgan Stanley, Canvas, revela um projeto sofisticado que posicionou a empresa como líder no fornecimento de valor financeiro excepcional em vários setores e mercados globais.

Morgan Stanley (MS) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com instituições financeiras globais

Morgan Stanley mantém parcerias estratégicas com várias instituições financeiras globais:

Instituição parceira	Detalhes da parceria	Ano estabelecido
China International Capital Corporation (CICC)	Parceria bancária de investimento de joint venture	1995
Mitsubishi UFJ Financial Group	Investimento estratégico significativo e parceria	2008
Grupo Robeco	Colaboração de gerenciamento de ativos	2013

Parcerias com empresas de tecnologia para transformação digital

O Morgan Stanley colabora com empresas de tecnologia para aprimorar os recursos digitais:

• Microsoft Cloud Partnership for Enterprise Infrastructure
• Integração do Salesforce para gerenciamento de relacionamento com clientes
• Colaboração com provedores de tecnologia de IA como Datarobot

Colaboração com empresas de pesquisa e consultoria de investimentos

Morgan Stanley se envolve em parcerias de pesquisa e consultoria:

Parceiro de pesquisa	Foco de colaboração	Orçamento de pesquisa anual
Gartner	Tecnologia e pesquisa de mercado	US $ 3,2 milhões
McKinsey & Empresa	Serviços de consultoria estratégica	US $ 5,7 milhões

Joint ventures em mercados emergentes e gerenciamento de patrimônio

As parcerias emergentes do mercado de Morgan Stanley:

• Índia: joint venture com a Rolta India para serviços de investimento
• Brasil: parceria estratégica com o BTG Pactual
• Sudeste Asiático: Colaboração com empresas locais de gerenciamento de patrimônio

Investimento total de parceria em 2023: US $ 287,5 milhões

Morgan Stanley (MS) - Modelo de Negócios: Atividades -chave

Banco de investimento e negociação de valores mobiliários

Morgan Stanley informou US $ 9,2 bilhões em receita do banco de investimento para o ano fiscal de 2023. Comércio de valores mobiliários gerados US $ 5,7 bilhões nas receitas líquidas durante o mesmo período.

Categoria de negociação	Receita (2023)
Negociação de ações	US $ 3,4 bilhões
Negociação de renda fixa	US $ 2,3 bilhões

Gerenciamento de patrimônio e serviços de consultoria financeira

Divisão de gerenciamento de patrimônio de Morgan Stanley gerenciada US $ 4,9 trilhões em ativos do cliente a partir do quarto trimestre 2023.

• Total Financial Advisor Headcount: 16.575
• Ativos médios de cliente por consultor: US $ 296 milhões
• Receitas líquidas de gerenciamento de patrimônio: US $ 6,3 bilhões em 2023

Fusões e aquisições consultores

Morgan Stanley aconselhou sobre US $ 387 bilhões em transações globais de fusões e aquisições em 2023.

Categoria de M&A	Valor da transação
Ofertas corporativas globais	US $ 247 bilhões
Transações transfronteiriças	US $ 140 bilhões

Gerenciamento de riscos e análise financeira

Morgan Stanley sustenta US $ 1,2 trilhão em ativos ponderados por risco com uma proporção de nível 1 de patrimônio líquido (CET1) de 14.6% A partir do quarto trimestre 2023.

Pesquisa de mercado global e estratégias de investimento

A divisão de pesquisa cobre 1.750 empresas Em vários setores com uma equipe de pesquisa global de 450 analistas.

• Cobertura de pesquisa: mercados de ações globais
• Relatórios de estratégia de investimento publicados: 3.200 anualmente
• Orçamento de pesquisa: US $ 325 milhões em 2023

Morgan Stanley (MS) - Modelo de Negócios: Recursos Principais

Profissionais e analistas financeiros altamente qualificados

A partir do quarto trimestre de 2023, o Morgan Stanley empregou 82.427 funcionários totais globalmente. Banco de investimento e vendas & As divisões comerciais empregam aproximadamente 18.500 profissionais.

Categoria de funcionários	Número de funcionários
Força de trabalho global total	82,427
Profissionais bancários de investimento	9,250
Vendas & Profissionais comerciais	9,250

Infraestrutura tecnológica avançada e plataformas de negociação

O Morgan Stanley investiu US $ 5,2 bilhões em tecnologia e infraestrutura digital em 2023.

• Plataformas de negociação digital
• Sistemas de segurança cibernética
• AI e tecnologias de aprendizado de máquina
• Infraestrutura de computação em nuvem

Relacionamentos de rede e clientes fortes

Morgan Stanley atende clientes em 41 países com 1.300 escritórios em todo o mundo.

Alcance geográfico	Número
Países serviram	41
Escritórios globais	1,300
Clientes institucionais	3,700+

Capital financeiro substancial e fundos de investimento

Os recursos financeiros do Morgan Stanley a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 trilhão
• Total acionista patrimônio: US $ 89,4 bilhões
• Ativos sob gestão (AUM): US $ 6,5 trilhões

Pesquisa proprietária e inteligência de mercado

A Morgan Stanley Research abrange mais de 1.800 empresas em vários setores e regiões.

Métricas de pesquisa	Número
Empresas cobertas	1,800+
Analistas de pesquisa	1,200+
Plataformas de pesquisa globais	24

Morgan Stanley (MS) - Modelo de Negócios: Proposições de Valor

Serviços financeiros abrangentes em vários setores

O Morgan Stanley presta serviços financeiros em setores -chave com US $ 1,2 trilhão em ativos totais de clientes a partir do quarto trimestre 2023. A repartição da receita inclui:

Setor	Receita anual	Percentagem
Valores mobiliários institucionais	US $ 22,4 bilhões	42%
Gestão de patrimônio	US $ 20,7 bilhões	39%
Gerenciamento de investimentos	US $ 10,1 bilhões	19%

Soluções personalizadas de gerenciamento de patrimônio

Morgan Stanley oferece serviços de gerenciamento de patrimônio personalizado com:

• US $ 4,5 trilhões em ativos de gerenciamento de patrimônio
• Mais de 16.000 consultores financeiros
• Tamanho médio da portfólio de clientes de US $ 27 milhões

Estratégias de investimento inovadoras e conselhos financeiros

Os recursos de estratégia de investimento incluem:

• US $ 1,2 trilhão em ativos discricionários de gerenciamento de investimentos
• 63 analistas de pesquisa que cobrem mercados globais
• Plataformas de negociação algorítmica avançada

Insights e especialização do mercado global

A cobertura do mercado global inclui:

Região geográfica	Número de escritórios	Países serviram
América do Norte	142	Estados Unidos, Canadá
Europa	37	Reino Unido, Alemanha, França
Ásia -Pacífico	46	China, Japão, Cingapura

Atendimento ao cliente de alto toque e gerenciamento de relacionamento

Métricas de relacionamento com o cliente:

• Taxa de retenção de clientes de 95%
• Duração média do relacionamento do cliente de 12,4 anos
• Equipes de suporte ao cliente dedicados 24 horas por dia, 7 dias por semana

Morgan Stanley (MS) - Modelo de Negócios: Relacionamentos do Cliente

Gerentes de relacionamento dedicados para clientes de alto patrimônio líquido

O Morgan Stanley atende a aproximadamente 3 milhões de clientes individuais de gerenciamento de patrimônio a partir do quarto trimestre de 2023. A empresa gerencia US $ 4,5 trilhões em ativos de clientes com um tamanho médio de conta de US $ 1,5 milhão para indivíduos com alto teor de rede.

Segmento de cliente	Número de clientes	Valor médio da conta
Indivíduos de alta rede	250,000	US $ 5,2 milhões
Clientes institucionais	15,000	US $ 250 milhões

Consultoria financeira personalizada e serviços de consultoria

O Morgan Stanley emprega 16.000 consultores financeiros em 1.200 escritórios nos Estados Unidos. A capa de serviços de consultoria da empresa:

• Gestão de patrimônio
• Planejamento de investimentos
• Estratégias de aposentadoria
• Planejamento imobiliário
• Otimização de impostos

Plataformas digitais para engajamento de clientes e gerenciamento de portfólio

A plataforma digital do Morgan Stanley, Morgan Stanley Acesso, suporta US $ 2,3 trilhões em ativos digitais sob gerenciamento. A plataforma processa mais de 500.000 transações digitais diárias.

Métricas de plataforma digital	2023 dados
Downloads de aplicativos móveis	1,2 milhão
Usuários digitais ativos	850,000

Atualizações regulares de mercado e insights de investimento

A Morgan Stanley Research gera mais de 50.000 relatórios de pesquisa anualmente, cobrindo 4.500 empresas em 75 indústrias em todo o mundo.

Soluções financeiras personalizadas para clientes institucionais e individuais

A empresa fornece soluções especializadas em vários segmentos com US $ 1,8 trilhão em ativos institucionais sob gestão.

• Gerenciamento de fundos de pensão
• Estratégias de investimento corporativo
• Soluções de fundos de hedge
• Gerenciamento de patrimônio privado

Morgan Stanley (MS) - Modelo de Negócios: Canais

Plataformas bancárias e comerciais digitais

Morgan Stanley oferece plataformas digitais abrangentes com as seguintes especificações:

• Morgan Stanley Plataforma on -line com 3,2 milhões de usuários digitais ativos
• Volume total de transações digitais de US $ 487 bilhões em 2023
• A plataforma suporta mais de 15 tipos diferentes de instrumentos financeiros

Recurso da plataforma	Métricas de usuário
Contas de usuário digital	3,200,000
Volume anual de transação digital	US $ 487 bilhões
Protocolos de segurança da plataforma	Criptografia de 256 bits

Rede de ramificação física

Morgan Stanley mantém uma presença física estratégica:

• Locais totais de filiais: 1.209 nos Estados Unidos
• Tamanho médio da ramificação: 4.500 pés quadrados
• Pontos de interação do cliente: 16.000 consultores financeiros

Aplicativos móveis

Os recursos de plataforma móvel incluem:

• Downloads de aplicativos móveis: 2,1 milhões em 2023
• Porcentagem de transações móveis: 42% do total de transações
• Classificação de aplicativos: 4.6/5 nas principais lojas de aplicativos

Equipe de vendas diretas

Composição e desempenho da força de vendas:

Métrica de vendas	2023 dados
Total de representantes de vendas	16,000
Valor médio do portfólio de clientes	US $ 47 milhões
Receita anual de vendas	US $ 21,3 bilhões

Suporte ao cliente on -line e serviços de consultoria

Detalhes da infraestrutura de suporte digital:

• Disponibilidade on -line de suporte on -line 24/7
• Tempo médio de resposta: 7,2 minutos
• Sessões de consultoria virtual: 128.000 por mês

Morgan Stanley (MS) - Modelo de Negócios: Segmentos de Clientes

Indivíduos de alta rede

O Morgan Stanley atende indivíduos de alta rede com ativos totais de US $ 4,5 trilhões em gerenciamento de patrimônio a partir do quarto trimestre de 2023. O patrimônio líquido médio do cliente nesse segmento é de US $ 10,4 milhões.

Características do segmento	Dados estatísticos
Tamanho médio do portfólio	US $ 25,6 milhões
Número de clientes de alta rede	78,500
Receita de gerenciamento de patrimônio	US $ 21,3 bilhões em 2023

Investidores institucionais

O Morgan Stanley atende a 2.300 clientes de investimento institucional globalmente, com US $ 1,2 trilhão em ativos institucionais sob gestão.

• Gerenciamento de fundos de pensão: US $ 456 bilhões
• Ativos de doação: US $ 287 bilhões
• Aviso de fundo de riqueza soberana: US $ 210 bilhões

Clientes corporativos

O Morgan Stanley fornece serviços bancários de investimentos a 1.850 clientes corporativos em 42 países.

Serviços corporativos	Volume de transação
Aviso de M&A	US $ 782 bilhões em 2023
Subscrição de ações	US $ 124 bilhões
Mercado de capital de dívida	US $ 298 bilhões

Governos e fundos soberanos de riqueza

O Morgan Stanley aconselha 87 clientes do governo e da riqueza soberanos com ativos totais sob orientação de US $ 3,6 trilhões.

Investidores de varejo ricos

O Morgan Stanley atende a 3,2 milhões de contas de investidores de varejo com um valor médio de conta de US $ 1,4 milhão.

Segmento de investidores de varejo	Métricas
Contas totais de varejo	3,200,000
Valor médio da conta	US $ 1,4 milhão
Usuários da plataforma digital	2,1 milhões

Morgan Stanley (MS) - Modelo de Negócios: Estrutura de Custo

Compensação e benefícios dos funcionários

Em 2023, as despesas totais de compensação e benefícios do Morgan Stanley foram de US $ 28,4 bilhões, representando aproximadamente 46% do total de despesas operacionais.

Categoria de despesa	Valor (US $ bilhões)	Porcentagem de compensação total
Salários da base	12.6	44.4%
Bônus	9.8	34.5%
Remuneração baseada em ações	4.2	14.8%
Benefícios e outras compensações	1.8	6.3%

Infraestrutura e manutenção de tecnologia

O Morgan Stanley investiu US $ 3,2 bilhões em infraestrutura de tecnologia e transformação digital em 2023.

• Despesas de computação em nuvem: US $ 780 milhões
• Sistemas de segurança cibernética: US $ 450 milhões
• Desenvolvimento da plataforma digital: US $ 620 milhões
• Manutenção de hardware e software: US $ 350 milhões

Conformidade regulatória e despesas legais

Em 2023, o Morgan Stanley gastou US $ 1,1 bilhão em conformidade regulatória e despesas legais.

Área de conformidade	Despesa (US $ milhões)
Arquivamento regulatório e relatórios	340
Consultoria jurídica e consultoria	420
Treinamento de conformidade	140
Sistemas de gerenciamento de riscos	200

Custos de marketing e aquisição de clientes

O Morgan Stanley alocou US $ 850 milhões à aquisição de marketing e clientes em 2023.

• Marketing Digital: US $ 280 milhões
• Patrocínio de eventos: US $ 150 milhões
• Gerenciamento de relacionamento com o cliente: US $ 220 milhões
• Campanhas de publicidade: US $ 200 milhões

Investimentos de pesquisa e desenvolvimento

O Morgan Stanley investiu US $ 750 milhões em iniciativas de pesquisa e desenvolvimento em 2023.

Área de foco em P&D	Investimento (US $ milhões)
Inteligência artificial	280
Blockchain e tecnologias de criptomoeda	180
Inovações em gerenciamento de patrimônio	190
Pesquisa financeira sustentável	100

Morgan Stanley (MS) - Modelo de Negócios: Fluxos de Receita

Taxas bancárias de investimento

Morgan Stanley relatou receitas bancárias de investimento de US $ 6,5 bilhões no ano fiscal de 2023. O detalhamento dessas receitas inclui:

Categoria de serviço	Valor da receita
Serviços de consultoria	US $ 2,3 bilhões
Serviços de subscrição	US $ 4,2 bilhões

Comissões de negociação

A receita comercial de Morgan Stanley em 2023 totalizou US $ 9,2 bilhões, com a seguinte distribuição:

• Negociação de ações: US $ 5,4 bilhões
• Negociação de renda fixa: US $ 3,8 bilhões

Cobranças de serviço de gestão de patrimônio

Segmento de gerenciamento de patrimônio gerado US $ 22,7 bilhões em receita para 2023, incluindo:

Fonte de receita	Quantia
Taxas de gerenciamento	US $ 15,3 bilhões
Taxas de transação	US $ 7,4 bilhões

Taxas de gerenciamento de ativos

Segmento de gerenciamento de ativos gerado US $ 4,6 bilhões Em taxas para 2023, com:

• Taxas de gerenciamento institucional: US $ 2,9 bilhões
• Taxas de gerenciamento de varejo: US $ 1,7 bilhão

Receita de juros de serviços financeiros

A receita de juros do Morgan Stanley para 2023 foi US $ 18,3 bilhões, composto por:

Fonte de renda de juros	Quantia
Empréstimos e financiamento	US $ 12,5 bilhões
Títulos de investimento	US $ 5,8 bilhões

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.