Market Summary
USD83.29-1.59
Market Closed-1.87%
MS Stock Price
MS RSI Chart
MS Valuation
MS Price/Sales (Trailing)
MS Profitability
MS Fundamentals
MS Revenue
MS Earnings
Price Action
52 Week Range
73.95100.99
(Low)(High)
Last 7 days
-5.8%
Last 30 days
-0.1%
Last 90 days
-0.4%
Trailing 12 Months
-0.8%
MS Financial Health
MS Investor Care
Historical Charts for Stock Metrics
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Net sales
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Latest Insider Trading transactions for MS
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-07-24 | GORMAN JAMES P | sold | -11,898,800 | 95.1905 | -125,000 | chairman and ceo |
2023-07-24 | PICK EDWARD N | sold | -9,433,050 | 94.3305 | -100,000 | co-president/head of is |
2023-07-20 | SIMKOWITZ DANIEL A | gifted | - | - | -10,000 | head of investment management |
2023-07-20 | SIMKOWITZ DANIEL A | sold | -3,526,850 | 93.7793 | -37,608 | head of investment management |
2023-07-19 | Smith Charles Aubrey III | sold (taxes) | -546,951 | 91.94 | -5,949 | chief risk officer |
2023-07-19 | Smith Charles Aubrey III | sold | -517,520 | 92.4142 | -5,600 | chief risk officer |
2023-07-19 | AKRAM RAJA | sold | -1,242,000 | 92.00 | -13,500 | deputy chief financial officer |
2023-07-19 | GORMAN JAMES P | sold | -11,543,300 | 92.3463 | -125,000 | chairman and ceo |
2023-07-19 | SAPERSTEIN ANDREW M | sold | -3,654,280 | 93.0932 | -39,254 | co-president/head of wm |
2023-06-01 | TRAQUINA PERRY M | acquired | 70,000 | 17.4099 | 4,020 | - |
Which funds bought or sold MS recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-21 | Baystate Wealth Management LLC | added | 4.67 | 3,190 | 179,864 | 0.01% |
2023-09-20 | BARCLAYS PLC | added | 47.63 | 93,504,000 | 308,002,000 | 0.20% |
2023-09-18 | CAPE ANN SAVINGS BANK | added | 5.3 | 25,664 | 1,086,290 | 0.72% |
2023-09-13 | CGC Financial Services, LLC | new | - | 427 | 427 | -% |
2023-09-12 | DCM Advisors, LLC | reduced | -0.36 | -219,115 | 6,881,450 | 2.95% |
2023-09-12 | Farther Finance Advisors, LLC | added | 67.65 | 154,218 | 398,755 | 0.09% |
2023-09-07 | ST GERMAIN D J CO INC | new | - | 318,542 | 318,542 | 0.02% |
2023-09-05 | SILVIA MCCOLL WEALTH MANAGEMENT, LLC | unchanged | - | -12,756 | 453,901 | 0.42% |
2023-09-05 | Delos Wealth Advisors, LLC | unchanged | - | -7.00 | 257 | -% |
2023-09-01 | Portside Wealth Group, LLC | new | - | 746,552 | 746,552 | 0.14% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
Schedule 13G FIlings of Morgan Stanley
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Feb 09, 2023 | state street corp | 7.16% | 120,966,594 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 6.67% | 112,674,113 | SC 13G/A | |
| Feb 07, 2023 | blackrock inc. | 5.3% | 89,304,670 | SC 13G/A | |
| Feb 14, 2022 | price t rowe associates inc /md/ | 1.4% | 25,206,452 | SC 13G/A | |
| Feb 11, 2022 | state street corp | 7.28% | 130,705,102 | SC 13G/A | |
| Feb 09, 2022 | vanguard group inc | 6.57% | 117,937,806 | SC 13G/A | |
| Feb 01, 2022 | blackrock inc. | 6.0% | 106,860,261 | SC 13G/A | |
| Apr 13, 2021 | mitsubishi ufj financial group inc | 20.87% | 378,479,529 | SC 13D/A | |
| Feb 16, 2021 | price t rowe associates inc /md/ | 5.4% | 98,407,816 | SC 13G | |
| Feb 11, 2021 | state street corp | 6.67% | 120,588,921 | SC 13G |
Recent SEC filings of Morgan Stanley
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | FWP | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | FWP | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | FWP | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed | |
| Sep 22, 2023 | 424B2 | Prospectus Filed |
MS Fair Value
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Peers (Alternatives to Morgan Stanley)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
AAPL | 2.7T | 383.9B | -3.49% | 14.63% | 28.86 | 7.12 | -0.93% | -4.89% |
MSFT | 2.4T | 211.9B | -3.06% | 31.92% | 32.56 | 11.12 | 6.88% | -0.52% |
GOOG | 1.7T | 289.5B | -1.47% | 30.51% | 27.19 | 5.72 | 4.10% | -15.36% |
AMZN | 1.3T | 538.0B | -4.72% | 10.07% | 101.87 | 2.47 | 10.73% | 12.62% |
| MID-CAP | ||||||||
JBLU | 1.5B | 9.9B | -28.14% | -36.34% | 55.75 | 0.15 | 24.14% | 106.11% |
NYMT | 795.7M | 246.5M | -4.07% | -6.47% | -5.01 | 3.23 | 6.65% | -174.04% |
| SMALL-CAP | ||||||||
TLRY | 1.6B | 627.1M | -7.75% | -14.29% | -1.08 | 2.51 | -0.20% | -204.67% |
PLAY | 1.5B | 2.2B | -10.06% | 7.70% | 11.01 | 0.71 | 38.20% | -10.10% |
MFA | 1.0B | 543.3M | -3.23% | 5.22% | -715.94 | 1.91 | 31.74% | 78.13% |
NKLA | 961.6M | 56.2M | -5.30% | -69.36% | -1.14 | 17.12 | 40.31% | -12.26% |
BYND | 614.9M | 356.8M | -16.65% | -37.31% | -2.19 | 1.72 | -23.03% | 15.53% |
GPRO | 507.0M | 1.0B | -15.90% | -35.94% | -19.18 | 0.49 | -11.34% | -107.10% |
CGC | 462.3M | 453.3M | 100.98% | -69.12% | -0.38 | 1.02 | -16.04% | 55.90% |
INO | 104.1M | 13.7M | -12.49% | -77.75% | -0.62 | 7.62 | 413.65% | 52.51% |
Morgan Stanley News
Returns for MS
Cumulative Returns on MS
14.2%
10-Year Cumulative Returns
17.4%
7-Year Cumulative Returns
13.8%
5-Year Cumulative Returns
23.1%
3-Year Cumulative Returns
Risks for MS
What is the probability of a big loss on MS?
57.3%
Probability that Morgan Stanley stock will be more than 20% underwater in next one year
27.3%
Probability that Morgan Stanley stock will be more than 30% underwater in next one year.
18.5%
Probability that Morgan Stanley stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does MS drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Morgan Stanley was unfortunately bought at previous high price.
Drawdowns
Financials for Morgan Stanley
Income Statement (Last 12 Months)(In Millions)
| Income Statement (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | 1.4% | 44,524 | 43,927 | 44,341 | 46,346 | 48,560 | 50,604 | 51,710 | 51,044 | 48,589 | 47,755 | 42,487 | 40,142 | 38,721 | 35,876 | 36,725 | 34,860 | 34,982 | 35,471 | 36,301 | 11,599 | 11,077 |
| EBITDA | -100.0% | - | 26,714 | 27,414 | 29,304 | 30,450 | 31,416 | 31,929 | 31,426 | 29,280 | 28,433 | 24,500 | 21,615 | 20,371 | 18,337 | 18,638 | - | - | - | - | - | - |
| EBITDA Margin | -100.0% | - | 0.61* | 0.62* | 0.63* | 1.81* | 0.62* | 0.62* | 0.62* | 0.60* | 0.60* | 0.58* | 0.55* | 0.53* | 0.52* | 0.51* | - | - | - | - | - | - |
| Interest Expenses | -2.9% | 9,185 | 9,457 | 9,327 | 9,097 | 8,650 | 8,233 | 8,045 | 7,827 | 7,250 | 6,985 | 6,313 | 5,875 | 5,607 | 5,036 | 4,694 | 4,250 | 3,968 | 3,845 | 3,806 | 3,812 | 3,659 |
| Earnings Before Taxes | -3.8% | 12,754 | 13,261 | 14,089 | 16,179 | 17,665 | 18,912 | 19,668 | 19,214 | 17,827 | 17,616 | 14,418 | 12,721 | 11,944 | 10,492 | 11,301 | 10,425 | 10,566 | 10,772 | 11,237 | 11,851 | 11,482 |
| EBT Margin | -100.0% | - | 0.30* | 0.32* | 0.35* | 1.05* | 0.37* | 0.38* | 0.38* | 0.37* | 0.37* | 0.34* | 0.32* | 0.31* | 0.29* | 0.31* | - | - | - | - | - | - |
| Net Income | -3.0% | 10,030 | 10,343 | 11,029 | 12,489 | 13,564 | 14,580 | 15,034 | 14,723 | 13,733 | 13,418 | 10,996 | 9,850 | 9,306 | 8,311 | 9,042 | 8,334 | 8,273 | 8,509 | 8,748 | 7,860 | 7,529 |
| Net Income Margin | -100.0% | - | 0.24* | 0.25* | 0.27* | 0.81* | 0.29* | 0.29* | 0.29* | 0.28* | 0.28* | 0.26* | 0.25* | 0.24* | 0.23* | 0.25* | - | - | - | - | - | - |
| Free Cashflow | 100.0% | - | -16,501 | -6,397 | 7,948 | 17,629 | 7,331 | 33,971 | 8,232 | -763 | -22,188 | -25,231 | 23.00 | 20,227 | 47,568 | 40,773 | - | - | - | - | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | -2.9% | 1,164,911 | 1,199,904 | 1,180,231 | 1,160,029 | 1,173,776 | 1,222,233 | 1,188,140 | 1,190,476 | 1,161,805 | 1,158,772 | 1,115,862 | 955,940 | 975,363 | 947,795 | 895,429 | 902,604 | 889,284 | 875,964 | 853,531 | 865,517 | 875,875 |
| Cash Equivalents | -5.6% | 104,994 | 111,258 | 128,127 | 111,696 | 131,286 | 136,086 | 127,725 | 123,863 | 126,480 | 118,118 | 105,654 | 94,772 | 106,276 | 131,509 | 82,171 | 79,656 | 79,580 | 80,682 | 87,196 | 92,481 | 81,589 |
| Goodwill | 0.0% | 16,652 | 16,657 | 16,652 | 16,721 | 16,757 | 16,825 | 16,833 | 16,832 | 16,838 | 16,836 | 11,635 | 4,270 | 7,329 | 7,125 | 7,143 | 7,139 | 7,158 | 6,686 | 6,688 | 6,680 | 6,692 |
| Liabilities | -3.1% | 1,063,550 | 1,097,950 | 1,079,000 | 1,057,940 | 1,071,114 | 1,118,158 | 1,081,542 | 1,083,357 | 1,053,643 | 1,051,184 | 1,012,713 | 866,122 | 887,354 | 860,567 | 812,732 | 819,054 | 806,563 | 794,072 | 772,125 | 785,443 | 795,369 |
| Shareholder's Equity | -0.4% | 100,386 | 100,826 | 100,141 | 101,011 | 102,662 | 104,075 | 105,441 | 107,119 | 108,162 | 107,588 | 103,149 | 89,818 | 88,009 | 87,228 | 82,697 | 83,550 | 82,845 | 81,892 | 81,406 | 80,074 | 80,506 |
| Retained Earnings | 0.8% | 97,151 | 96,392 | 94,862 | 94,055 | 92,889 | 91,722 | 89,432 | 87,099 | 84,791 | 82,034 | 78,694 | 76,061 | 74,015 | 71,518 | 70,589 | 69,071 | 67,588 | 66,061 | 64,175 | 63,330 | 61,835 |
| Additional Paid-In Capital | 1.3% | 29,245 | 28,856 | 29,339 | 28,893 | 28,394 | 28,007 | 28,841 | 28,504 | 28,030 | 27,406 | 25,546 | 24,015 | 23,782 | 23,428 | 23,935 | 23,649 | 23,446 | 23,178 | 23,794 | 23,664 | 23,454 |
| Shares Outstanding | -0.7% | 1,659 | 1,670 | 1,675 | 1,694 | 1,704 | 1,733 | 1,772 | 1,781 | 1,814 | 1,795 | 1,810 | 1,542 | 1,541 | 1,555 | 1,594 | 1,604 | 1,634 | 1,658 | 1,700 | 1,697 | 1,720 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | -149.0% | -41,080 | -16,501 | -6,397 | 7,948 | 17,629 | 7,331 | 33,971 | 8,232 | -763 | -22,188 | -25,231 | 23.00 | 20,227 | 47,568 | 40,773 | 33,730 | 34,958 | 11,698 | 7,305 | 18,528 | 9,573 |
| Share Based Compensation | 0.2% | 2,007 | 2,002 | 1,875 | 1,826 | 1,798 | 1,998 | 2,085 | 2,146 | 1,900 | 1,676 | 1,312 | 1,130 | 1,109 | 1,014 | 1,153 | 1,002 | 986 | 892 | 920 | 994 | 1,034 |
| Cashflow From Investing | 115.1% | 1,937 | -12,831 | -11,632 | -27,836 | -38,822 | -27,178 | -49,897 | -35,051 | -23,724 | -39,351 | -37,898 | -45,278 | -49,357 | -47,442 | -33,561 | -34,536 | -31,400 | -23,186 | -22,881 | -17,629 | -24,389 |
| Cashflow From Financing | 77.0% | 12,627 | 7,135 | 22,714 | 16,454 | 32,804 | 41,274 | 41,547 | 56,691 | 42,234 | 45,394 | 83,784 | 58,139 | 56,894 | 51,852 | -11,966 | -10,337 | -4,882 | 7,978 | 24,205 | 12,090 | 20,722 |
| Dividend Payments | 1.4% | 5,568 | 5,493 | 5,401 | 5,337 | 5,288 | 4,730 | 4,171 | 3,588 | 2,912 | 2,806 | 2,739 | 2,553 | 2,543 | 2,652 | 2,627 | 2,669 | 2,672 | 2,439 | 2,375 | 2,311 | 2,246 |
MS Income Statement
2023-06-30Consolidated Income Statement - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
| Revenues | ||||
| Investment banking | $ 1,155 | $ 1,150 | $ 2,485 | $ 2,908 |
| Trading | 3,802 | 3,597 | 8,279 | 7,580 |
| Investments | 95 | 23 | 240 | 98 |
| Commissions and fees | 1,090 | 1,220 | 2,329 | 2,636 |
| Asset management | 4,817 | 4,912 | 9,545 | 10,031 |
| Other | 488 | (52) | 740 | 182 |
| Total non-interest revenues | 11,447 | 10,850 | 23,618 | 23,435 |
| Interest income | 12,048 | 3,612 | 22,918 | 6,262 |
| Interest expense | 10,038 | 1,330 | 18,562 | 1,764 |
| Net interest | 2,010 | 2,282 | 4,356 | 4,498 |
| Net revenues | 13,457 | 13,132 | 27,974 | 27,933 |
| Provision for credit losses | 161 | 101 | 395 | 158 |
| Non-interest expenses | ||||
| Compensation and benefits | 6,262 | 5,550 | 12,672 | 11,824 |
| Brokerage, clearing and exchange fees | 875 | 878 | 1,756 | 1,760 |
| Information processing and communications | 926 | 857 | 1,841 | 1,686 |
| Professional services | 767 | 757 | 1,477 | 1,462 |
| Occupancy and equipment | 471 | 430 | 911 | 857 |
| Marketing and business development | 236 | 220 | 483 | 395 |
| Other | 947 | 1,020 | 1,867 | 1,884 |
| Total non-interest expenses | 10,484 | 9,712 | 21,007 | 19,868 |
| Income before provision for income taxes | 2,812 | 3,319 | 6,572 | 7,907 |
| Provision for income taxes | 591 | 783 | 1,318 | 1,656 |
| Net income | 2,221 | 2,536 | 5,254 | 6,251 |
| Net income applicable to noncontrolling interests | 39 | 41 | 92 | 90 |
| Net income applicable to Morgan Stanley | 2,182 | 2,495 | 5,162 | 6,161 |
| Preferred stock dividends | 133 | 104 | 277 | 228 |
| Earnings applicable to Morgan Stanley common shareholders | $ 2,049 | $ 2,391 | $ 4,885 | $ 5,933 |
| Earnings per common share | ||||
| Basic (USD per share) | $ 1.25 | $ 1.40 | $ 2.98 | $ 3.45 |
| Diluted (USD per share) | $ 1.24 | $ 1.39 | $ 2.95 | $ 3.41 |
| Average common shares outstanding | ||||
| Basic (shares) | 1,635 | 1,704 | 1,640 | 1,718 |
| Diluted (shares) | 1,651 | 1,723 | 1,657 | 1,739 |
MS Balance Sheet
2023-06-30Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 104,994 | $ 128,127 |
| Trading assets at fair value ($123,705 and $124,411 were pledged to various parties) | 328,454 | 301,315 |
| Available-for-sale at fair value (amortized cost of $84,401 and $89,772) | 79,567 | 84,297 |
| Held-to-maturity (fair value of $61,962 and $65,006) | 72,225 | 75,634 |
| Securities purchased under agreements to resell (includes $9 and $8 at fair value) | 97,914 | 113,907 |
| Securities borrowed | 139,126 | 133,374 |
| Customer and other receivables | 75,964 | 78,540 |
| Loans: | ||
| Held for investment (net of allowance for credit losses of $1,081 and $839) | 200,528 | 198,997 |
| Held for sale | 15,284 | 14,788 |
| Goodwill | 16,652 | 16,652 |
| Intangible assets (net of accumulated amortization of $4,554 and $4,253) | 7,322 | 7,618 |
| Other assets | 26,881 | 26,982 |
| Total assets | 1,164,911 | 1,180,231 |
| Liabilities | ||
| Deposits (includes $5,981 and $4,796 at fair value) | 348,511 | 356,646 |
| Trading liabilities at fair value | 147,043 | 154,438 |
| Securities sold under agreements to repurchase (includes $1,129 and $864 at fair value) | 56,363 | 62,534 |
| Securities loaned | 13,369 | 15,679 |
| Other secured financings (includes $5,538 and $4,550 at fair value) | 8,294 | 8,158 |
| Customer and other payables | 216,820 | 216,134 |
| Other liabilities and accrued expenses | 25,177 | 27,353 |
| Borrowings (includes $87,825 and $78,720 at fair value) | 247,973 | 238,058 |
| Total liabilities | 1,063,550 | 1,079,000 |
| Commitments and contingent liabilities (see Note 13) | ||
| Equity | ||
| Preferred stock | 8,750 | 8,750 |
| Common stock | 20 | 20 |
| Additional paid-in capital | 29,245 | 29,339 |
| Retained earnings | 97,151 | 94,862 |
| Employee stock trusts | 5,258 | 4,881 |
| Accumulated other comprehensive income (loss) | (6,300) | (6,253) |
| Common stock held in treasury at cost, $0.01 par value (380,160,846 and 363,406,570 shares) | (28,480) | (26,577) |
| Common stock issued to employee stock trusts | (5,258) | (4,881) |
| Total Morgan Stanley shareholders’ equity | 100,386 | 100,141 |
| Noncontrolling interests | 975 | 1,090 |
| Total equity | 101,361 | 101,231 |
| Total liabilities and equity | $ 1,164,911 | $ 1,180,231 |
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. This segment also provides sales and trading services, such as sales, financing, prime brokerage, and market-making services in equity and fixed income products consisting of foreign exchange and commodities; corporate and commercial real estate loans, which provides secured lending facilities and financing for sales and trading customers, and asset-backed and mortgage lending; and wealth management services, investment, and research services. The Wealth Management segment offers financial advisor-led brokerage and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services to individual investors and small to medium-sized businesses and institutions. The Investment Management segment provides equity, fixed income, liquidity, and alternative/other products to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, and third-party fund sponsors and corporations through institutional and intermediary channels. Morgan Stanley was founded in 1924 and is headquartered in New York, New York.