Morgan Stanley at Morgan Stanley European Financials Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : And with that, we can start. There's been a lot going on in markets recently, you may have noticed. What are you seeing on the ground? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2025 / 11:00AM, MS.N - Morgan Stanley at Morgan Stanley European Financials Conference

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Right. Maybe changing to a bit more about Morgan Stanley specifically. We're hearing a lot of firms talk about and focused on delivering their full firm. What makes Morgan Stanley's integrated firm different?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : When you look at the franchise across equities, investment banking and fixed income, do you see any gaps in any of the businesses or regions which you want to improve? What do you think is the wallet opportunity of the markets business?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : You've kind of alluded to this, but indirectly that there's a new strategic goal in to achieve durable share gains. Can you give us any insights on the thinking there? Where have you or where do you expect to gain share?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : There's been a few discussions on regulation in previous sessions. In the US, Basel in game has been put on hold and some questions if it's going to happen at all. How do you see this affecting the business? Is there more capital to deploy to support those durable gains that you've alluded to? How much room is there to continue to gain share?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Changing topic on -- there's a lot of excitement around AI. How are you thinking about that part of your broader tech strategy?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Maybe we can move to wealth. Can you talk about Morgan Stanley's competitive positioning in wealth? What is the business focus on now? And how has the strategy been playing out?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Right. What role does asset management play in the overall context of the firm?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : We can run a bit more over time because I want you to touch on alternatives that you referenced. So how are you thinking about alternatives offering? And what's the opportunity here?

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Great. We're a bit over time. But if anyone wants to ask one question, we can take one question in. Masimo, here in front. Unidentified Participant You made some comments on primary activity being quite strong, but I was wondering whether you're detecting any sign of the policy use uncertainty in the US filtering through boardroom mindsets, delay in investments, and potential changes in primary pipeline going forward? Thank you.

Question: Alvaro de Tejada - Morgan Stanley Co International PLC - Analyst : Okay. I think in the interest of time, we're going to leave it there. Thanks very much.