Morgan Stanley Seems To Have Positioned Itself for a Tougher 2019
Morgan Stanley may have positioned itself for a tough environment in 2019, which is a nice hedge with some upside optionality. Pretax operating margins of 29% in the first quarter of 2019 were down from a very strong 31% in the first quarter of 2018, but up from an average of 26% in the back half of 2018. Non-compensation expenses were about 2% lower than a year ago and nearly 5% lower than the 2018 quarterly average. Management stated that it did a lot of budgeting in the back half of 2018 when...Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the company advises, and originates, trades, manages and distributes capital for, governments, institutions and individuals. The company's segments are: Institutional Securities, which provides investment banking, sales and trading, lending and other services; Wealth Management, which provides brokerage and investment advisory services, financial and wealth planning services, stock plan administration services, annuity and insurance products, residential real estate loans and other lending products, banking, and retirement plan services; and Investment Management, which provides investment strategies and products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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