Moribund primary equity capital markets and a rising interest rate environment meant that investment banks were tested more than ever in the past 12 months as they sought to give clients the options they needed in spite of poor conditions.
Morgan Stanley did this better than any bank in the US over the period under review. Not surprisingly, given that the firm is the world’s best investment bank this year, Morgan Stanley also takes the US award for best investment bank.
Morgan Stanley considers advice, particularly for M&A, to be the heart of its investment bank.
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