Morgan Stanley Hauled in Billions of Wealth Assets From IPOs

Morgan Stanley reported $148 billion in net new wealth-management assets in Q2, over half tied to IPOs. SpaceX’s $75 billion IPO contributed significantly, with Morgan Stanley and Goldman Sachs each earning about $100 million in fees. The bank aims to build long-term client relationships by servicing early-stage companies, including 70% of top unicorns by market cap.