Gorman Says Private-Equity Loss Is ‘Highly Unlikely’ to Repeat

Morgan Stanley is “highly unlikely” to repeat a loss in its private-equity business that dragged down third-quarter earnings, Chief Executive Officer James Gorman said.

Gorman spoke Thursday on an earnings conference call with analysts after the New York-based firm said investment-management revenue tumbled 59 percent as it wrote off performance fees it had accrued in its Asia private-equity business.

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