Bloomberg News reports that Morgan Stanley’s CEO said he wants the unit to hit that level of client assets, in response to a question about his view on the next five to seven years at a conference hosted by the Investment Company Institute in Washington. The unit - the smallest of the bank’s three major divisions - had $469 billion in assets at the end of March.
The asset-management industry has seen a wave of mergers as investors’ shift to passive strategies has put pressure on firms to increase scale and cut costs. Morgan Stanley’s business is smaller than those at rivals Goldman Sachs. and JPMorgan Chase, which both have more than $1 trillion, leading some analysts to question whether the firm should make an acquisition.
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