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Morgan Stanley Wants to Double Asset Manager to $1 Trillion

  • Bank’s asset management unit is smaller than that of rivals
  • Acquisitions are ‘complicated,’ James Gorman says at event
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Morgan Stanley's Gorman Eyes $1 Trillion

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James Gorman would like his asset management division to join the $1 trillion club.

Morgan Stanley’s chief executive officer said he wants the unit to hit that level of client assets, in response to a question about his view on the next five to seven years at a conference hosted by the Investment Company Institute in Washington. The unit -- the smallest of the bank’s three major divisions -- had $469 billion in assets at the end of March.