The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Morgan Stanley revives asset management

On his return to the firm, John Mack demanded a complete overhaul of the MSIM division. That required taking risks and laying bets, but the latest results suggest the division is back on track and might be building a formidable business. Peter Lee reports.

Owen Thomas, president of MSIM

"Asset management is a very important part of this franchise and John Mack, like any CEO, wants to see results, but he is also aware that it will take some time, much work and a little patience"

Owen Thomas

Morgan Stanley’s reversal of fortunes

Return of the Mack



WHEN JAMES DILWORTH, then head of Goldman Sachs Asset Management in Germany, took the call asking him for a chat with Morgan Stanley, he was initially sceptical. GSAM is a leading franchise in the institutional asset management business with a full array of cutting-edge alternative investment products and a wonderful brand name; Morgan Stanley Investment Management, by comparison, was a business that had suffered from years of under-investment and lacked many of the skills, especially in alternative asset classes such as hedge funds and private equity, that its customers now routinely demand.

Its leaders had sat pat, satisfied with decent pre-tax profits, while the entire asset management industry changed around them.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree