Morgan Stanley Head Office has nine departments, including: Equity Research Department, Investment Banking Department, Private Wealth Management Department, Foreign Exchange/Bond Department, Commodity Trading Department, Fixed Income Research Department, Investment Management Department, Direct Investment Department and Institutional Equities Department.Morgan Stanley is involved in the financial fields including stocks, bonds, foreign exchange, funds, futures, investment banking, securities underwriting, corporate financial consulting, institutional corporate marketing, real estate, private wealth management, direct investment, institutional investment management, etc.
In September 2008, the company's registered status was changed to“BHC”。In May 2023, the establishment was approved by the CSRCMorgan Stanley Futures (China) Co., Ltd。[30]
Morgan Stanley was originally a JPJPMorgan ChaseIn the companyInvestment departmentIn 1933, the United States experiencedGreat DepressionThe Congress passed the Glass Steagall Act, which prohibited the company from providing commercial banking and investment banking services at the same time. Morgan Stanley was established as an investment bank in New York on September 5, 1935, and JPMorgan became a pure commercial bank.In 1941, Morgan Stanley andNew York stock exchange Cooperate and become the partner of the Stock Exchange.
The company expanded rapidly in the 1970s, with its employees growing rapidly from more than 250 to more than 1700, and began to develop business worldwide.In 1986, Morgan StanleyNew York stock exchange Listing transaction。In the 1990s, Morgan Stanley further expanded and acquired aAsset management companyIn 1997, it merged Dean Witter, an investment bank under Sears, and renamed it Morgan Stanley Dean Witter.In 2001, the company changed its name back to Morgan Stanley.
The merger in 1997 made the two most distinctivebankerBring it together: John Mack of Morgan Stanley and Philip Purcell of Dean Witter. The conflict between the two ended with John Mack's resignation in July 2001. Since then, Pei Xiliang has been the chairman of Morgan Stanley and the global leaderCEOPosition of.Under his leadership, Morgan Stanley has gradually developed into a comprehensive financial services company, providing one-stop financial products.
In 2001911Morgan Stanley lost 1.2 million yuan in the World Trade Centersquare footOfoffice space 。The company hasManhattanThe new 750000 square foot office building nearby is Morgan Stanley's global headquarters.
2023March, becomeThe first customers of GPT-4 released by OpenAI.[25]
In May 2023, Morgan Stanley Bank of America plans to reduce its staff again, affecting about 3000 people. The above layoffs are planned to be implemented in the second quarter of 2023.[28]
On July 18, 2023, Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley announced that they would integrate the Japanese stock sales business of institutional customers, as well as enterprise channels, research and some implementation services.The two banks also agreed to coordinate foreign exchange transactions.[33]
On February 15, 2024, Morgan Stanley is planning to cut hundreds of jobsBit.[38]
In February 2024, Morgan Stanley will open an office in Abu Dhabi to increase its influence in the region and join a series of other global investment banks with offices in the capital of the United Arab Emirates.[39]
On May 12, 2024, French Finance Minister Bruno Le Maier said that Morgan Stanley would open a new European office in Paris and planned to add 100 employees in Paris, France.[40-41]
Financial report data
Announce
edit
On February 15, 2020, the size of Morgan Stanley's (MS.US) Q4 holdings increased significantly to $430.04 billion,S&P 500ETF is still the largest position.[8]
On February 20, 2020, Morgan Stanley (MS.US) will acquire ETFC. US for $13 billion, and is expected to complete the transaction on Q4.[9]
On February 23, 2020,American financial crisisThe largest acquisition since, Morgan Stanley (MS.US) acquired the online financial retail platform ETFC. US for 13 billion dollars.[10]
business management
Announce
edit
On May 16, 2024, Morgan Stanley Fund Management (China) Co., Ltd. announced the change of senior managers in the fund industry and appointed themMao HuiFor the Inspector General,Xu FeifeiLeave office.[42]
Since September 29, 2006, Morgan Stanley International Bank (China) Co., Ltd. has become a member of Morgan Stanley Group.Morgan Stanley International Bank (China) will, as always, provide first-class banking services to existing customers, and hopes that in the next few years, with the support of Morgan Stanleyproduct development andcustomer serviceTo further expand business areas.
The registered capital of Morgan Stanley International Bank (China) Co., Ltd. isRMBOne billion yuan.Banks can operate as follows according to lawForeign exchange business：
Morgan Stanley set up its first store in Shanghai in February 1994representative officeThe second representative office was set up in Beijing in August of the same year.Mainly engaged inInvestment Banking, includingEnterprise financingAnd assist clients in raising funds, M&A consulting andReal estate investmentServices;Stock research and private placementequityinvestment.
Morgan Stanley andCICCJointly participated in several large-scale state-owned enterprise privatization listing projects, including:
In June 2000,China UnicomIPO，At the same time, it was listed in New York and Hong Kong, raising 5.65 billion dollars;
In October 2000,Sinopec Global IPO, also in New YorkLondonAnd Hong KongListingAnd raised 3.46 billion dollars;
In November 2002,China TelecomIPO，Listed in Hong Kong and New York at the same time, raising 1.52 billion yuandollar；
At the beginning of 2003, Morgan Stanley became the first group in ChinaQualified Foreign Institutional Investor(QFII).Approved to participate in domestic investmentA-shareandbond marketThe approved investment quota is 300 million US dollars;
Morgan Stanley andGreater ChinaHas built partnerships with multiple customers to help them achieve theirFinancial objectives。Among many customers, the most familiar one isinvestment bankThe company provides such clients with advice on restructuring, M&A and international capital market financing.
The CBD of Shanghai, where multinational companies gather
Some Chinese state-owned enterprises have successfully implemented privatizationA new generation of entrepreneursThe rise of many companies from mainland China and Taiwaninternational marketListing and activeCross border M&AActivities.A Morgan Stanley study shows that China's export products save US $100 billion a year for American consumers, and American companies profit nearly US $60 billion from products made in China, accounting forStandard&Poor's IndexMore than 10% of the total annual profits of the listed companies covered.
In April 2023, according to the approval progress publicity of the CSRC, the progress tracking of the Morgan Stanley Futures Company Establishment Permit reached the stage of receiving materials on April 3.[26]In May, the CSRC approved the establishmentMorgan Stanley Futures (China) Co., Ltd。[30]
Business Overview
Announce
edit
Morgan Stanley Asia Pacific is mainly engaged in investment banking business, including:Enterprise financingAnd assist clients in raising funds, M&A consulting andReal estate financial services；Sale and purchase of stocks and bonds;Securities research;Direct Investment Department;Private wealth management;andasset management。
Securities business
1. Shares
The stock sales and trading department under Morgan Stanley actively ensures the liquidity of stocks and provides professional analysis opinions to customers around the world.The company's unparalleled globalIssuance of new sharesDistribution ability and professional strength in stock sales and trading are recognized by the industry.As stockDerivatives marketAs the leader of the company, the company constantly introduces innovative solutions and professional products to meet the needs of customersInvestment demand。
Morgan Stanley's stock sales and trading department
2. Bonds
The company's bond department (or fixed income securities department) changes hands every day for 24 hoursInternational bond marketIt plays an indispensable role.In the fast changingBond marketMedium,Global productsGroups design, build, and execute a variety of combined strategies for customers to achieve theirInvestment objectives。In addition, Morgan Stanley also provides interest rates andCurrency swapAnd othersDerivative productsTrading services.
3. Foreign exchange
Morgan Stanley has successfully become one of the world's leading foreign exchange traders due to its large global investor customer base.Through six foreign exchange trading centers around the world, the company provides customers with 24-hour non-stop services, including spot, forward, options and futures trading of major and emerging market currencies.
Morgan StanleyManagement partMost successful large-scalehedge fund OfFund Manager, providing professional global products and services.The company has the ability to act as a primary broker representing all executive brokers of hedge funds, providing comprehensive, financing, clearing and daily transaction reporting services.
Morgan Stanley is a major player in the global energy and metal markets, providing customers with oil, natural gas, electricityBase metalandRare metalsThe actual commodity trading and related derivative product trading services.Since 1982, the company has been in a leading position in creating risk management strategies for customers.
6. Investment Bank
On the basis of cooperation with companies, institutions and governments, Morgan Stanleyinvestment banker Provide the best solution for customers' financing needs.Morgan Stanley bankerShare targeted industry, regional and product expertise with customers;We have successfully designed and implemented innovative financing solutions for the most challenging issues, thus further consolidating Morgan Stanley's leading position in the global market.
7. Enterprise consulting services
Morgan Stanley provides customers around the world with a full range of strategic and financial activities advisory services.The company's consultants and experts are specialized in assisting clients in financing in the stock and bond markets, and providing advice to clients on mergers, acquisitions and restructurings.Real estate finance、securitisationProducts andmarket overtFinancing is Morgan Stanley's specialty.
8. Underwriting of securities
The issuance of clients' stocks and/or bonds is conceived, organized and sold by Morgan Stanley Global Capital Markets.The company also participates in underwriting public listing orPrivate placementOfHigh yield bondsAnd municipal government bonds, and use advanced securitization issuance technology toConversion of financial assetsInto securities.
9. Institutional enterprise marketing
The company's professional institutional enterprise marketing team cooperates with the enterprise to connect with the enterpriseinstitutional investorAnd assist institutional investors to contact enterprises.Institutional enterprise marketing makes full use of Morgan Stanley's accumulated experience, insight and established relationship network in the global capital market in the past decades.With strong backup strength, the company's team is committed to connecting existing and potential shareholders of corporate customers and providing value-addedInvestor RelationsServices.
10. Real estate finance
Morgan Stanley Realtyreal estate agencyAnd investors to provide a wide range of financing, consulting and investment services.Its continuous support for the real estate industry for a long timeWall Streethave no equal.Morgan Stanley Real Estate, with offices all over the world, consists of three global integrated business units, focusing on different areas of the company's real estate business: investment banking, direct investment and securitization products.
morgan stanley real estate
It has a wide range of service fields, providing customers with objective professional opinions and assisting customers to enter the world with its unmatched innovative issuance structure strengthCapital marketTo raise funds so as to successfully achieve customers' corporate financing and investment goals.Morgan Stanley Real Estate Investment Banking develops, develops and maintains business relationships with global real estate clients.The department is listed in various real estate capital marketsUnlisted shares, secured debtUnsecured debt, and convertible investment productsMarket leader。
Their creative and rich consulting experience covers various transaction areas, including financing, merger, acquisition, restructuring, portfolio/asset sale and capital restructuring Morgan Stanley has established twoREITs: [Morgan Stanley Global 3Real estate fund】And [Morgan Stanley Global No. 4 Real Estate Fund], 50% of which is invested in China, especially in big cities such as Shanghai and Guangdong.They let overseas "Chinese compradors" act asPaving stone, ongross domestic productWith growth as the main performance assessment indicator, it is easy to obtain the support of the local government, and rely on the local real estate companies as a platform to obtainJoint developmentTo acquire the right to develop projects, and then buy Chinese companies, and manipulate the pricing and operation of real estate after holding shares.Morgan Stanley has become the leading role in the industry chain of "financing investment development operation" in China
In 2007, Morgan Stanley raised another 4.2 billion dollars in the world to establish Morgan Stanley [Global No. 5 Real Estate Fund].This time, the fund invested 50% of its capital in the Chinese market. Under the pressure of the fund, a large number of capital owners, including central enterprises, also rushed to enterReal estate market, resulting in the frequent appearance of emperors everywhere.Morgan Stanley's model is: financing (actually taking investors' money) → using China's "alliance"Development platform”→ Holding the "joint development platform" →Capital injection→ Use the public opinion to drive up the house price → They use the tools they can use, sometimes to sing the praises, sometimes to win the Chinese real estate market, with only one purpose, to make profits.
Investment management business
1. Private Wealth Management
Morgan Stanley Private Wealth Management Department is a professional organization dedicated toNet asset valuePersonal, family and control of huge amountInvestable assetsOftrust fundProviding financial advice and investment management solutionsConsultantTeam.The company's private wealth management experts provide clients with well-designed and customized financial solutions, and enable them to enjoy Morgan Stanley resources that are generally only available to large companies, financial institutions and governments.
Morgan Stanley's stock sales and trading department
2. Direct Investment Department
Morgan Stanley Direct Investment Department is responsible for long-termInvestment business, currently managing a total of about $10 billion.This fund comes from Morgan Stanley, company employees and other institutional and individual investors.Since the mid-1980s, it has invested in more than 100 companies worldwide.CorporateInvestment philosophyIt is a long-term investment in enterprises with outstanding performance.The company usually does not participate in the daily management of the company, but through the board level andmanagement layerFully communicate and cooperate, and effectively use Morgan Stanley's global resources and financial expertise to help the company invested in long-term stable development.Morgan Stanley is committed to working with the best management team to enhance the self value of the investment enterprise, so that its owners and participants can benefit from it, and make greater contributions to the social and economic development of the region where the enterprise is located.
Morgan Stanley entered China as early as the mid-1980s, and began to carry out long-term business in China in 1993direct investmentBusiness.So far, the company has invested in a number of successful enterprises in China and provided them with assistance in many aspects.Investment enterprises in China includePing An Insurance、Nanfu battery、MENGNIUDairy, Heng'an International, Yongle Home Appliances, Shanshui Cement, Belle International and other leading enterprises in the industry.These enterprises are the best performers in the industry at home and abroad.Through the investment of the company, these enterprises can not only obtain sufficient funds, but also make full use of Morgan Stanley's global resources to contribute to the long-term development of these enterprises, help them quickly and comprehensively integrate with the world, and strive to pass theListing financingWe will make use of global capital to strive for a higher level of development and become a truly world-class enterprise.
3. Institutional investment management
The company provides a full range of American andGlobal bonds, stocks and funds of different asset classes for institutional investors to choose from, and specially designed for themAsset allocationStrategy to meet its diversified investment needs.
4. Equity Research Department
Morgan Stanley's stock research team has always been among the best performers in the industry.The team analyzeseconomic situation, market, industry, and company data to improve customer globalinvestment portfolio And assist the company in formulatingStrategic approach。
On November 16, 2019,Hurun Research InstituteThe 2019 Hurun Global Unicorn Active Investment Agency Top 100 List was released, and Morgan Stanley was listed.
In January 2020, Morgan Stanley ranked No. 208 on the list of the world's most valuable 500 brands in 2020.[12]
February 2020, "Global Bank" in 2020Brand valueThe "Top 500" list was released, and Morgan Stanley ranked 34th.[13]
On May 13, 2020, Morgan Stanley ranked 48th in the 2020 Forbes Global 2000.[14-15]
On May 18, 2020, Morgan Stanley ranked in 2020《wealth》No. 61 on the US 500 list.[16]
For deep sinkingFacebookIPO pricingFor the troubled Morgan Stanley (hereinafter referred to as "Morgan Stanley"), the phrase "heaven and hell are only one step away" may be the most appropriate description of its current embarrassing situation.
Snatch from forceFacebookThe main underwriting right of listing shall be higher thanIssue priceThe stock price fell below the offering price less than a week after listingpricing strategy , which not only caused criticism and doubt from investors, but also made itself face billions of dollars“Floating loss”, which attracted more questioning from regulatorssummons。
FacebookLarge scale enterprises dominated in the pastScience and Technology UnitIn the company's IPO drama, there have been only two main players: Momo andGoldman Sachs。In order to obtain this business, both Damo and Goldman Sachs have tried their best, and their executives have repeatedly courted Facebook CFO David Ibelsman and COO Sandberg, who are specifically responsible for transactions.Goldman Sachs once took the lead in this race, but after its private advance transactions with clients were exposedSECGoldman Sachs lostLead underwriterThe position of the big motorcycle.This succession also paid a price.According to industry practice, in the process of listing, investment banks generally draw 5% to 6% of the total amount raised as underwriting fees, even if the minimum amount of large transactions is 2% to 3%.However, under the fierce competition, Facebook's underwriting fee was as low as 1%, the lowest in history.This situation of fierce competition also makes Facebook the most powerful party leading this release.
The day before Facebook went public, the CEO of MomoJames Gorman (James Gorman) and Facebook CFO David Ebersman held a high-level meeting on the IPO price rangeTeleconferencing。At this meeting, they were faced with an important choice, whether to maintain the original issuance range and provide more space for the first day of rise, or try to increase the issuance price to win a better price for Facebook?
"Phoenix" transformation“Grass chicken”Facebook's hugeTrading volume, even makeNASDAQOftrading system They can't bear it, so the opening process was delayed twice, which shows that they are popular.However, after a short rise, Facebook quickly began to fall, and it had broken through the offering price several times before the closing.According to media reports, in order to maintain the stock price, the company had to spend billions of dollars in the last 20 minutes to sweep all shipments above 38 dollars.
At the same time that the CEO of the company agreed to raise the offering price of FacebookanalystThe report was quietly circulated among the institutional users of the Mall.This report hints at aRisk pointThat is, mobile phone users account for more and more users visiting Facebook.For these users, Facebook's main source of profitBanner advertisingIt does not work.Therefore, this report will reduce the expected profit of Facebook in 2012 from 51 cents per share to 48 cents.
The expected "accident" happened.Facebook failed to meet the expected surge on its first day of listingTrading dayThey kept falling and falling below the issue price, which triggered strong doubts from retail investors.The public questioned, and Facebook disclosed thisNegative informationIt is not disclosed to public investorsInsider TradingIs suspected.Whether investment banks and analysts have followedSarbanes Oxley ActThe required firewall is also widely questioned.
In response to these allegations, Damo only said that "we have complied with the relevant regulations".For them, legal proceedings are certainly not the biggest problem, and the billions of dollars invested in order to comply with the agreement are the focus of their real concern.As of the close on May 25, Facebook's share price was around $32.This means that the billions of dollars invested by the motorcycle for protection have already lost.
Interestingly, helphedge fund It is the securities brokerage departments of many investment banks, including Goldman SachsJPMorgan ChaseWait for FacebookunderwriterThe figure of.
However, in the process of Facebook's IPO, Goldman Sachs and JPMorgan Chase, the two underwriters, took a rather positive attitude towards the application of hedge funds to lend shares, which also made hedge funds not need to worry about the problem of "unable to borrow shares" at all, and began to short closely on the first day of listing.It is estimated that on the first day of Facebook's listing, at least a quarter of transactions belong toShort selling。On the fourth trading day after listing, the proportion was more than 30%.It is worth mentioning that as the main underwriter of Facebook, Damo has not participated in the operation of hedge funds shorting Facebook shares.[18]
Be prosecuted
As reported by Bloomberg on October 13, 2021,VipshopOf shareholders in the United StatesNew YorkfederalcourtprosecutionGoldman Sachs GroupAnd Morgan Stanley, accusing them ofWall StreetThe investment banking institutions' behavior of selling Vipshop shares in large order during the position explosion event of Archegos Capital Management is suspected of insider trading, because Archegos may not be able toAdditional marginIt is undisclosed information.
In March 2021, Archegos Capital, a family investment fund operated by Bill Hwang, a hedge fund manager in South Korea, created "the largest single day loss in human history".Archegos throughBorrowed fundsCentralized shareholding of some listed companies, with a total amount of more than $100 billion.With the sharp decline of some stocks held by the bank, its positions were burst in March, which triggered the bank'sMargin call notice。
Later, the bank forced Hwang's position to be closed.As of March 26, 2021, Tencent MusicIQIYIVipshopWho to learn from, Baidu, etcChina Concept SharesIt was bloodwashed and the stock price fluctuated dramatically.
It is reported that Vipshop investors filed this lawsuit in the Federal Court of New York.PetitionHe said that after secretly learning that Bill Hwang's family wealth management office might not be able to meet the margin requirement, the two investment banking giants sold the shares of the company held by Archegos in large quantities several times.Such a sell-off made Vipshop's shares "completely out of control".
Goldman Sachs and Morgan Stanley did not comment.
Just a few days ago,Securities and Exchange Commission(SEC) investigated whether the company conducted market manipulation in the Archegos position explosion.
According to people familiar with the matter, the SEC is reviewing the company's trading activities, including whether it conceals the size of its bets on some listed companies.The authorities are evaluating whether Archegos bought shares of the same company in several banks in order to avoid triggering disclosureinformation disclosureregulations.Overall, Hwang has a large position.
The initiation of the SEC investigation is usually only a preliminary step, which does not mean that Hwang, who has not been accused of misconduct, will face law enforcement action.
Including Credit Suisse Group, Nomura Holdings and Morgan StanleyLoan bankIt lost more than $10 billion and triggered internal investigations and forced executives to leave.At the same time, regulators are discussing whether to modify the regulations that exempt family offices such as Hwang from stricter supervision.
Gary Gensler, chairman of the SEC, told the Congress in May that after the Archegos position explosion, it may be necessary to implement stricter information disclosure regulations for investment companies.He later said that he planned to publicly disclose more industry data.U.S. Department of JusticeIt also launched an investigation into the company's position explosion.[21]
On April 7, 2023 local time, investorsIn the federal court in San Francisco, CaliforniaMorgan Stanley.[27]
On May 2, 2023, Morgan Stanley executives were discussing plans to cut about 3000 jobs from the global workforce by the end of this quarter.This is equivalent to about 5% of the employees in the company's wealth management department (excluding financial advisers and middle and back office departments).[29]
On July 19, 2023, Morgan Stanley announced the cost of layoffs in the second quarter. Because the layoffs cost 308 million dollars, the investment banking sector was the first to bear the brunt.Earlier this year, the bank lost about 3000 employees.In December last year, the bank had already carried out a round of layoffs of about 2%.Morgan Stanley's salary expenditure also rose in the second quarter, reaching 6.26 billion US dollars, compared with 5.55 billion US dollars in the same period last year.Morgan Stanley had 82006 employees at the end of June, down from 82266 at the end of March.[34]
In September 2023, Zhitong Financial APP learned that a private equity company had sued Morgan Stanley (MS.US), a major bank on Wall Street, for compensation of at least $750 million.These private equity firms allege that they were defrauded in investing in a credit agreement for a luxury high-speed rail line.Certares Management LLC and Knighthead Capital Management LLC filed a lawsuit in the New York State Court on Monday, accusing Morgan Stanley of illegally restructuring the transaction that these companies provided loans to Brightline Holdings, headquartered in Miami.[36]
