Who Morgan Stanley buys from and sells to
Wealth manager (advisors and E*Trade) and investment bank; ~23% owned by MUFG.
Buys from 2
- BlackRockBLKETFs and funds on the advisor platform
- OpenAIthe models behind its advisor AI assistants
Sells to 3
- Wealthy householdsadvisory fees on client assets
- Hedge fundsprime brokerage and equity trading
- CorporationsM&A advice and underwriting
Where the chain could break
- Wealth fees are a share of client assets, so revenue follows equity markets
- Advisor attrition to independent firms takes client assets with them
- Deal and IPO volumes swing investment banking revenue
Competes with
- Goldman SachsGSinvestment banking and equities trading
- JPMorganJPMtrading and wealth management
- Bank of AmericaBACadvisor-led wealth, against Merrill
- SchwabSCHWself-directed brokerage, against E*Trade
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.