Morgan Stanley Unseats Goldman in Equity Fees as IPOs Surge
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Morgan Stanley, the sixth-ranked underwriter of initial public offerings in 2003, has made more money arranging share sales so far this year than any competitor as companies sell stock at a record pace.
Morgan Stanley has collected about $260 million in fees on $7.5 billion in sales, a 16 percent slice of the global equity underwriting market, data compiled by Bloomberg show. The bank managed Assurant Inc.'s $2 billion IPO on Feb. 4, and Banco Bilbao Vizcaya Argentaria SA's $2.5 billion stock sale the same day.