Morgan Stanley finished 2025 ranked first in both volume and issue count across global equity and equity-linked products – a position it held simultaneously across the Americas, EMEA and Asia-Pacific.
By Bloomberg’s measure, the bank underwrote $72.3 billion across 349 deals, placing it ahead of every peer by a significant margin on both metrics. It ran more IPO books than any other firm, led the global convertible table by approximately $5 billion over its nearest rival and raised approximately $11 billion across private market equity transactions.
The firm’s ECM franchise is embedded at the most senior level of the organisation: chief executive Ted Pick, co-president Dan Simkowitz and global co-head of investment banking Mo Assomull each spent substantial portions of their careers in equity capital markets roles.
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