Morgan Stanley wealth management boosted by SpaceX millionaires - FT中文网
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公司盈利和业绩

Morgan Stanley wealth management boosted by SpaceX millionaires

Investment bank becomes latest to shatter forecasts on back of AI boom
00:00

{"text":[[{"start":8.2,"text":"Newly minted millionaires from blockbuster IPOs such as SpaceX funnelled more than $74bn to Morgan Stanley’s wealth management division in the second quarter, part of a storming performance by the Wall Street bank. "}],[{"start":21.85,"text":"The client inflows came on top of the $100mn in fees Morgan Stanley’s investment banking arm earned from the SpaceX listing, and highlight the myriad ways in which Wall Street banks are benefiting from the tech boom. "}],[{"start":35.900000000000006,"text":"Morgan Stanley reported a 58 per cent rise in quarterly profits compared with a year earlier, with earnings boosted by frenzied trading driven in part by speculation around who will capture the gains from AI. "}],[{"start":50.400000000000006,"text":"Quarterly net income of $5.6bn was up from $3.5bn a year ago and almost a billion dollars higher than analysts had been anticipating."}],[{"start":60.75000000000001,"text":"Wall Street banks have reaped huge gains this quarter from facilitating and financing transactions tied to AI spending, which has stimulated financial markets. "}],[{"start":null,"text":"

Column chart of $bn showing Equities trading has blown past previous records this quarter
"}],[{"start":70.85000000000001,"text":"Morgan Stanley’s revenues in equities trading rose almost 70 per cent to $6.3bn — a performance that would have been remarkable in any other quarter, but was in line with rivals JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America that reported similar blockbuster quarters on Tuesday. "}],[{"start":90.5,"text":"In total, the five investment banks reported revenues from equities trading of $25.7bn."}],[{"start":97.75,"text":"Morgan Stanley’s earnings show how the AI boom has lifted business beyond just stock trading, however. "}],[{"start":104.25,"text":"The bank hit $10tn in client assets across its wealth management and smaller asset management division during the quarter. Within that business, wealth management, which generated about 40 per cent of Morgan Stanley’s earnings last year, attracted net new assets of $148bn in the quarter. "}],[{"start":null,"text":"
Line chart of $tn showing Inflows from SpaceX IPO help push Morgan Stanley's client assets above $10tn
"}],[{"start":123.25,"text":"The figure, which is closely followed by investors as a gauge of the business’s growth trajectory, crushed forecasts for about $67bn. Part of these assets from IPOs are from employer equity plans, which come through the Solium business that Morgan Stanley acquired in 2019."}],[{"start":141.2,"text":"Morgan Stanley said just over half of the $148bn came from IPOs in the quarter, which included SpaceX and AI chipmaker Cerebras Systems."}],[{"start":151.79999999999998,"text":"Morgan Stanley’s investment banking revenues — which included its fee for work on the SpaceX IPO — jumped almost 60 per cent to $2.4bn, slightly ahead of the $2.2bn analysts were anticipating."}],[{"start":164.89999999999998,"text":"“We see the IPO pipeline building and we are also seeing geographical diversification with pipeline building also in Asia,” Morgan Stanley chief financial officer Sharon Yeshaya told the FT."}],[{"start":179.2,"text":"Morgan Stanley shares were 0.6 per cent lower by late morning trading in New York, after gaining 3 per cent on Tuesday on the back of the other banks’ results. "}],[{"start":195.3,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784165031_8624.mp3"}

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