Morgan Stanley Gains $148 Billion in Wealth Assets, Much Linked to IPOs
Morgan Stanley added $148 billion in net new assets for its wealth-management business during Q2, with over half tied to initial public offerings (IPOs). The bank and other Wall Street firms benefited from SpaceX's record-breaking listing, which paid a total of $500 million in fees. Morgan Stanley received approximately $100 million as one of the lead underwriters.