Morgan Stanley's Growth Likely To Slow as Institutional Securities Outperformed Year to Date
James Gorman's strategy for narrow-moat Morgan Stanley has been substantially realized over the previous couple of years, so we believe that earnings growth and return-on-equity increases are going to slow going forward. Operating margins in the wealth management segment expanded to 27% in the third quarter from about 18% in 2013. Much of the operating margin expansion came from cost rationalization and an over 20% compound annual growth rate in net interest income. However, management is now ex...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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