Businessweek

Morgan Stanley, a financial services company, through its subsidiaries and affiliates, provides various products and services to a group of clients and customers, including corporations, governments, financial institutions, and individuals worldwide. Segments The company’s segments include Institutional Securities, Global Wealth Management Group, and Asset Management. INSTITUTIONAL SECURITIES This segment provides financial advisory and capital-raising services to a group of corporate and other institutional clients globally, primarily through wholly owned subsidiaries that include Morgan Stanley & Co. LLC (MS&Co.), Morgan Stanley & Co. International plc and Morgan Stanley Asia Limited, and certain joint venture entities that include Morgan Stanley MUFG Securities Co., Ltd. and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. The company, primarily through these entities, also conducts sales and trading activities worldwide, as principal and agent, and provides related financing services on behalf of institutional investors. Investment Banking and Corporate Lending Activities Capital Raising: The company manages and participates in public offerings and private placements of debt, equity and other securities worldwide. The company operates as an underwriter of common stock, preferred stock, and other equity-related securities, including convertible securities and American Depositary Receipts (ADRs). The company is an underwriter of fixed income securities, including investment grade debt, non-investment grade instruments, mortgage-related and other asset-backed securities, tax-exempt securities and commercial paper and other short-term securities. Financial Advisory Services: The company provides corporate and other institutional clients globally with advisory services on key strategic matters, such as mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers and leveraged buyouts and takeover defenses as well as shareholder relations. The company also provides advice concerning rights offerings, dividend policy, valuations, foreign exchange exposure, financial risk management strategies and financial planning. In addition, the company furnishes advice and services regarding project financings and provides advisory services in connection with the purchase, sale, leasing, and financing of real estate. Corporate Lending: The company provides loans or lending commitments, including bridge financing, to select corporate clients through its subsidiaries, including Morgan Stanley Bank, N.A (MSBNA). Sales and Trading Activities The company conducts sales, trading, financing and market-making activities on securities and futures exchanges and in over-the-counter (OTC) markets around the world. The company’s Institutional Securities sales and trading activities consists of equity trading; fixed income and commodities; clients and services; research; and investments. Equity Trading: The company acts as principal (including as a market-maker) and agent in executing transactions globally in equity and equity-related products, including common stock, ADRs, global depositary receipts and exchange-traded funds. The company’s equity derivatives sales, trading and market-making activities cover equity-related products globally, including equity swaps, options, warrants and futures overlying individual securities, indices and baskets of securities and other equity-related products. The company also issues and makes a principal market in equity-linked products to institutional and individual investors. Fixed Income and Commodities: The company trades, invests and makes markets in fixed income securities and related products globally, including investment and non-investment grade corporate debt, distressed debt, bank loans, U.S. and other sovereign securities, emerging market bonds and loans, convertible bonds, collateralized debt obligations, credit, currency, interest rate and other fixed income-linked notes, securities issued by structured investment vehicles, mortgage-related and other asset-backed securities and real estate-loan