Morgan Stanley (MS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la finance mondiale, Morgan Stanley est un phare imposant de l'innovation stratégique et des services financiers complets. En fabriquant méticuleusement un modèle commercial qui intègre de manière transparente les technologies de pointe, les informations approfondies du marché et les relations avec les clients personnalisés, cette puissance financière a transformé la façon dont les investisseurs institutionnels et individuels naviguent dans le paysage complexe des stratégies de gestion de patrimoine et d'investissement. Des banques d'investissement à enjeux élevés aux solutions de patrimoine sur mesure, le canevas du modèle commercial de Morgan Stanley révèle un plan sophistiqué qui a positionné l'entreprise en tant que leader pour offrir une valeur financière exceptionnelle sur plusieurs secteurs et marchés mondiaux.

Morgan Stanley (MS) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Morgan Stanley maintient des partenariats stratégiques avec plusieurs institutions financières mondiales:

Institution partenaire	Détails du partenariat	Année établie
China International Capital Corporation (CICC)	Partenariat bancaire d'investissement de coentreprise	1995
Groupe financier Mitsubishi UFJ	Investissement stratégique et partenariat important	2008
Groupe robeco	Collaboration de gestion des actifs	2013

Partenariats avec des entreprises technologiques pour la transformation numérique

Morgan Stanley collabore avec les entreprises technologiques pour améliorer les capacités numériques:

• Microsoft Cloud Partnership for Enterprise Infrastructure
• Intégration Salesforce pour la gestion des relations avec les clients
• Collaboration avec des fournisseurs de technologies d'IA comme Datarobot

Collaboration avec les sociétés de recherche et de conseil en investissement

Morgan Stanley s'engage dans des partenariats de recherche et de conseil:

Partenaire de recherche	Focus de la collaboration	Budget de recherche annuel
Gartner	Technologie et étude de marché	3,2 millions de dollars
McKinsey & Entreprise	Services de conseil stratégique	5,7 millions de dollars

Coentreprises sur les marchés émergents et la gestion de la patrimoine

Les partenariats de marché émergents de Morgan Stanley:

• Inde: coentreprise avec Rolta India pour les services d'investissement
• Brésil: partenariat stratégique avec BTG Pactual
• Asie du Sud-Est: collaboration avec des sociétés locales de gestion de patrimoine

Investissement total de partenariat en 2023: 287,5 millions de dollars

Morgan Stanley (MS) - Modèle d'entreprise: activités clés

Banque d'investissement et négociation de titres

Morgan Stanley a rapporté 9,2 milliards de dollars dans les revenus de la banque d'investissement pour l'exercice 2023. Les titres de titres ont généré 5,7 milliards de dollars dans les revenus nets au cours de la même période.

Catégorie de trading	Revenus (2023)
Trading des actions	3,4 milliards de dollars
Trading à revenu fixe	2,3 milliards de dollars

Services de gestion de la richesse et de conseil financier

La division de gestion de la patrimoine de Morgan Stanley a géré 4,9 billions de dollars dans les actifs du client au T4 2023.

• HeadCount de conseiller financier total: 16 575
• Actifs du client moyen par conseiller: 296 millions de dollars
• Revenus nets de gestion de la patrimoine: 6,3 milliards de dollars en 2023

Mergers et acquisitions Consulting

Morgan Stanley a conseillé sur 387 milliards de dollars dans les transactions mondiales de fusions et acquisitions en 2023.

Catégorie de transactions de fusions et acquisitions	Valeur de transaction
Offres d'entreprise mondiales	247 milliards de dollars
Transactions transfrontalières	140 milliards de dollars

Gestion des risques et analyse financière

Morgan Stanley maintient 1,2 billion de dollars dans les actifs pondérés en fonction du risque avec un rapport de niveau 1 (CET1) commun 14.6% au Q4 2023.

Études de marché mondiales et stratégies d'investissement

Couvreaux de la division de recherche 1 750 entreprises Dans plusieurs secteurs avec une équipe de recherche mondiale de 450 analystes.

• Couverture de la recherche: marchés boursiers mondiaux
• Rapports de stratégie d'investissement publiés: 3 200 par an
• Budget de recherche: 325 millions de dollars en 2023

Morgan Stanley (MS) - Modèle d'entreprise: Ressources clés

Professionnels et analystes financiers hautement qualifiés

Au quatrième trimestre 2023, Morgan Stanley a employé 82 427 employés au total dans le monde. Banque d'investissement et ventes & Les divisions commerciales emploient environ 18 500 professionnels.

Catégorie des employés	Nombre d'employés
Total de la main-d'œuvre mondiale	82,427
Professionnels de la banque d'investissement	9,250
Ventes & Professionnels du commerce	9,250

Infrastructures technologiques avancées et plateformes de trading

Morgan Stanley a investi 5,2 milliards de dollars dans la technologie et les infrastructures numériques en 2023.

• Plateformes de trading numérique
• Systèmes de cybersécurité
• IA et technologies d'apprentissage automatique
• Infrastructure de cloud computing

Solides relations mondiales de réseau et de clientèle

Morgan Stanley sert des clients dans 41 pays avec 1 300 bureaux dans le monde.

Portée géographique	Nombre
Pays desservis	41
Bureaux mondiaux	1,300
Clients institutionnels	3,700+

Fonds financiers financiers et investissements substantiels

Les ressources financières de Morgan Stanley au T4 2023:

• Actif total: 1,2 billion de dollars
• Total des capitaux propres des actionnaires: 89,4 milliards de dollars
• Actifs sous gestion (AUM): 6,5 billions de dollars

Recherche propriétaire et intelligence du marché

Morgan Stanley Research couvre plus de 1 800 entreprises dans plusieurs secteurs et régions.

Métriques de recherche	Nombre
Les entreprises couvertes	1,800+
Analystes de recherche	1,200+
Plateformes de recherche mondiales	24

Morgan Stanley (MS) - Modèle d'entreprise: propositions de valeur

Services financiers complets sur plusieurs secteurs

Morgan Stanley fournit des services financiers dans les secteurs clés avec 1,2 billion de dollars en total d'actifs du client au T2 2023. La rupture des revenus comprend:

Secteur	Revenus annuels	Pourcentage
Titres institutionnels	22,4 milliards de dollars	42%
Gestion de la richesse	20,7 milliards de dollars	39%
Gestion des investissements	10,1 milliards de dollars	19%

Solutions de gestion de patrimoine personnalisées

Morgan Stanley offre des services de gestion de patrimoine sur mesure avec:

• 4,5 billions de dollars en actifs de gestion de patrimoine
• Plus de 16 000 conseillers financiers
• Taille moyenne du portefeuille de clients de 27 millions de dollars

Stratégies d'investissement innovantes et conseils financiers

Les capacités de stratégie d'investissement comprennent:

• 1,2 billion de dollars d'actifs de gestion des investissements discrétionnaires
• 63 analystes de recherche couvrant les marchés mondiaux
• Plateformes de trading algorithmique avancé

Informations et expertise du marché mondial

La couverture du marché mondial comprend:

Région géographique	Nombre de bureaux	Pays desservis
Amérique du Nord	142	États-Unis, Canada
Europe	37	Royaume-Uni, Allemagne, France
Asie-Pacifique	46	Chine, Japon, Singapour

Service client élevé et gestion des relations

Métriques de la relation client:

• Taux de rétention à 95%
• Durée moyenne de la relation client de 12,4 ans
• Équipes de support client dédiées 24/7

Morgan Stanley (MS) - Modèle d'entreprise: relations clients

Gestionnaires de relations dédiés aux clients à haute nette

Morgan Stanley dessert environ 3 millions de clients individuels de gestion de patrimoine au quatrième trimestre 2023. L'entreprise gère 4,5 billions de dollars d'actifs clients avec une taille de compte moyenne de 1,5 million de dollars pour les particuliers.

Segment client	Nombre de clients	Valeur moyenne du compte
Individus à haute nette	250,000	5,2 millions de dollars
Clients institutionnels	15,000	250 millions de dollars

Services de conseil financier personnalisés et de conseil

Morgan Stanley emploie 16 000 conseillers financiers dans 1 200 bureaux aux États-Unis. La couverture des services de conseil de l'entreprise:

• Gestion de la richesse
• Planification des investissements
• Stratégies de retraite
• Planification successorale
• Optimisation fiscale

Plateformes numériques pour l'engagement des clients et la gestion du portefeuille

La plate-forme numérique de Morgan Stanley, Morgan Stanley Access, prend en charge 2,3 billions de dollars en actifs numériques sous gestion. La plate-forme traite plus de 500 000 transactions numériques quotidiennes.

Métriques de plate-forme numérique	2023 données
Téléchargements d'applications mobiles	1,2 million
Utilisateurs numériques actifs	850,000

Mises à jour régulières du marché et idées d'investissement

Morgan Stanley Research génère plus de 50 000 rapports de recherche chaque année, couvrant 4 500 entreprises dans 75 industries dans le monde.

Solutions financières sur mesure pour les clients institutionnels et individuels

L'entreprise fournit des solutions spécialisées sur plusieurs segments avec 1,8 billion de dollars d'actifs institutionnels sous gestion.

• Gestion des fonds de pension
• Stratégies d'investissement d'entreprise
• Solutions de fonds de couverture
• Gestion de patrimoine privée

Morgan Stanley (MS) - Modèle d'entreprise: canaux

Plateformes de banque et de trading numériques

Morgan Stanley propose des plateformes numériques complètes avec les spécifications suivantes:

• Plateforme en ligne Morgan Stanley avec 3,2 millions d'utilisateurs numériques actifs
• Volume total de transactions numériques de 487 milliards de dollars en 2023
• La plateforme prend en charge plus de 15 types d'instruments financiers différents

Fonctionnalité de plate-forme	Métriques des utilisateurs
Comptes d'utilisateurs numériques	3,200,000
Volume annuel de transaction numérique	487 milliards de dollars
Protocoles de sécurité de la plate-forme	Cryptage 256 bits

Réseau de succursale physique

Morgan Stanley maintient une présence physique stratégique:

• Total des succursales: 1 209 aux États-Unis
• Taille moyenne de la branche: 4 500 pieds carrés
• Points d'interaction du client: 16 000 conseillers financiers

Applications mobiles

Les capacités de plate-forme mobile comprennent:

• Téléchargements d'applications mobiles: 2,1 millions en 2023
• Pourcentage de transaction mobile: 42% du total des transactions
• Évaluation de l'application: 4.6 / 5 dans les principaux magasins d'applications

Équipe de vente directe

Composition et performance de la force de vente:

Métrique des ventes	2023 données
Représentants des ventes totales	16,000
Valeur moyenne du portefeuille client	47 millions de dollars
Revenus de ventes annuels	21,3 milliards de dollars

Support client en ligne et services de conseil

Détails de l'infrastructure de support numérique:

• Disponibilité du support en ligne 24/7
• Temps de réponse moyen: 7,2 minutes
• Sessions consultatives virtuelles: 128 000 par mois

Morgan Stanley (MS) - Modèle d'entreprise: segments de clients

Individus à haute nette

Morgan Stanley dessert les personnes à haute teneur en naissance avec un actif total de 4,5 billions de dollars en gestion de patrimoine au quatrième trimestre 2023. La valeur nette moyenne du client dans ce segment est de 10,4 millions de dollars.

Caractéristiques du segment	Données statistiques
Taille moyenne du portefeuille	25,6 millions de dollars
Nombre de clients à forte valeur	78,500
Revenus de gestion de la patrimoine	21,3 milliards de dollars en 2023

Investisseurs institutionnels

Morgan Stanley dessert 2 300 clients d'investissement institutionnels dans le monde avec 1,2 billion de dollars en actifs institutionnels sous gestion.

• Gestion des fonds de pension: 456 milliards de dollars
• Actifs de dotation: 287 milliards de dollars
• Conseil du Fonds de patrimoine souverain: 210 milliards de dollars

Clients des entreprises

Morgan Stanley fournit des services de banque d'investissement à 1 850 clients d'entreprises dans 42 pays.

Services d'entreprise	Volume de transaction
Avis de fusions et acquisitions	782 milliards de dollars en 2023
Souscription des actions	124 milliards de dollars
Marchés des capitaux de la dette	298 milliards de dollars

Gouvernements et fonds souverains

Morgan Stanley conseille 87 clients du gouvernement et du souverain des clients avec un actif total en vertu d'un avis de 3,6 billions de dollars.

Investisseurs de détail riches

Morgan Stanley dessert 3,2 millions de comptes d'investisseurs de détail d'une valeur de compte moyenne de 1,4 million de dollars.

Segment des investisseurs de détail	Métrique
Comptes de vente au détail totaux	3,200,000
Valeur moyenne du compte	1,4 million de dollars
Utilisateurs de plate-forme numérique	2,1 millions

Morgan Stanley (MS) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

En 2023, les frais de rémunération totale de Morgan Stanley et de prestations étaient de 28,4 milliards de dollars, ce qui représente environ 46% des dépenses d'exploitation totales.

Catégorie de dépenses	Montant (milliards de dollars)	Pourcentage de compensation totale
Salaires de base	12.6	44.4%
Bonus	9.8	34.5%
Compensation en stock	4.2	14.8%
Avantages et autres rémunérations	1.8	6.3%

Infrastructure et maintenance technologiques

Morgan Stanley a investi 3,2 milliards de dollars dans l'infrastructure technologique et la transformation numérique en 2023.

• Dépenses de cloud computing: 780 millions de dollars
• Systèmes de cybersécurité: 450 millions de dollars
• Développement de la plate-forme numérique: 620 millions de dollars
• Maintenance matérielle et logicielle: 350 millions de dollars

Compliance réglementaire et dépenses juridiques

En 2023, Morgan Stanley a dépensé 1,1 milliard de dollars pour la conformité réglementaire et les dépenses juridiques.

Zone de conformité	Dépenses (millions de dollars)
Dépôt réglementaire et rapport	340
Conseil juridique et conseil	420
Formation de la conformité	140
Systèmes de gestion des risques	200

Coûts de marketing et d'acquisition des clients

Morgan Stanley a alloué 850 millions de dollars au marketing et à l'acquisition de clients en 2023.

• Marketing numérique: 280 millions de dollars
• Sponsorations d'événements: 150 millions de dollars
• Gestion des relations avec les clients: 220 millions de dollars
• Campagnes publicitaires: 200 millions de dollars

Investissements de recherche et développement

Morgan Stanley a investi 750 millions de dollars dans des initiatives de recherche et développement en 2023.

Zone de focus R&D	Investissement (millions de dollars)
Intelligence artificielle	280
Technologies de blockchain et de crypto-monnaie	180
Innovations de gestion de la patrimoine	190
Recherche en finance durable	100

Morgan Stanley (MS) - Modèle d'entreprise: Strots de revenus

Frais de banque d'investissement

Morgan Stanley a déclaré des revenus de la banque d'investissement de 6,5 milliards de dollars pour l'exercice 2023. La rupture de ces revenus comprend:

Catégorie de service	Montant des revenus
Services consultatifs	2,3 milliards de dollars
Services de souscription	4,2 milliards de dollars

Commissions commerciales

Les revenus commerciaux de Morgan Stanley pour 2023 ont totalisé 9,2 milliards de dollars, avec la distribution suivante:

• Commerce des actions: 5,4 milliards de dollars
• Trading à revenu fixe: 3,8 milliards de dollars

Frais de service de gestion de patrimoine

Segment de gestion de patrimoine généré 22,7 milliards de dollars en revenus pour 2023, notamment:

Source de revenus	Montant
Frais de gestion	15,3 milliards de dollars
Frais de transaction	7,4 milliards de dollars

Frais de gestion des actifs

Segment de gestion des actifs générés 4,6 milliards de dollars en frais pour 2023, avec:

• Frais de gestion institutionnelle: 2,9 milliards de dollars
• Frais de gestion de la vente au détail: 1,7 milliard de dollars

Revenu des intérêts des services financiers

Le revenu d'intérêt de Morgan Stanley pour 2023 était 18,3 milliards de dollars, composé de:

Source des revenus d'intérêt	Montant
Prêts et financement	12,5 milliards de dollars
Titres d'investissement	5,8 milliards de dollars

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.