Morgan Stanley CEO Gorman Expects More Consolidation In Asset Management Space; Says Growth Targets For New Money Inflows Not Dependent On Deals; Around 25% Of Assets Under Management Are Currently In Cash Or Cash Equivalents
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley CEO James Gorman anticipates further consolidation in the asset management industry. He also stated that growth targets for new money inflows are not reliant on deals, and approximately 25% of assets under management are in cash or cash equivalents.
June 12, 2023 | 4:34 pm
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Morgan Stanley's CEO expects more consolidation in the asset management industry, with growth targets for new money inflows not dependent on deals. Around 25% of assets under management are in cash or cash equivalents.
The news indicates that Morgan Stanley is not relying on deals for growth in new money inflows, which shows a stable growth strategy. However, the expected consolidation in the asset management industry may lead to increased competition. The impact on the stock price is neutral in the short term.
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