Among the details, net new assets increased in the quarter from a year before.

Morgan Stanley has said that its wealth management business reported third-quarter 2025 net revenues of $8.23 billion, up from $7.27 billion a year earlier. 

Fee-based client assets stood at $2.653 trillion at September 30, rising from $2.3 trillion a year earlier, the US-listed bank and investment firm said in a statement yesterday. Net new assets increased, with $81 billion in Q3 2025, up from $63.9 billion. There were $41.9 billion of fee-based asset flows, up from $35.7 billion.

Across the whole of Morgan Stanley, net income applicable to Morgan Stanley shareholders was $4.61 billion, rising from $3.188 billion. Pre-tax income was $6.028 billion, rising from $4.221 billion. Net revenues rose to $18.224 billion, rising from $15.383 billion.

Compensation costs rose to $7.442 billion, from $6.733 billion. 

Return on equity increased to 18 per cent from 13.1 per cent. 

“Our integrated firm delivered an outstanding quarter with strong performance in each of our businesses globally,” Ted Pick, CEO and chairman, said.

On a standardized basis, Morgan Stanley’s Common Equity Tier 1 ratio was 15.2 per cent, little changed on a year before. The firm bought back $1.085 billion of shares in the third quarter, from $750 million a year earlier.