Yuri Gripas/Reuters Morgan Stanley's wealth-management business produced record revenue in the third quarter. Most of its clients are very wealthy — its CEO says 98% of assets come from people with more than $100,000 at the bank. A growing opportunity is to lend these rich people, who often have illiquid assets like real estate or business equity, more money. Morgan Stanley reported third-quarter earnings this week and landed a solid beat with earnings of $0.93 a share, higher than expectations of $0.81. The company's thriving wealth-management business helped drive the strong quarter, reporting $4.2 billion in revenue — a record — up 9% from $3.9 billion a year ago.
Morgan Stanley Is Making A Boatload Of Cash Lending Money To Rich People — And It's Just Getting Started (ms)
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Sat, 10/21/2017 - 6:16am
Topics: yuri gripas/reuters key ceo james gorman part gorman cfo jonathan pruzan watch strategist morgan stanley ceo gorman cash lending money ms rich people assets business clients revenue earnings year wealth billion wealthy quarter invest trillion record call wealth-management million firm real illiquid company third-quarter equity growing access founded thriving estate opportunity helped fees majority brokerage penetration management segment accounts
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