Investor relations: frequently asked questions

Алан-э-Дейл       14.02.2023 г.

Q: Why would a company use a SPAC vs. IPO?

Schachter: Because of the SPAC’s capital uncertainty (as I mentioned, the investors in the SPAC have redemption rights on the full amount of capital the SPAC raised in its IPO) and the cost of the SPAC’s capital (SPAC sponsors receive a “promote,” which typically grants them equity in the SPAC equal to 25% of the capital raised, or 20% of the fully-diluted SPAC shares), the SPAC has to offer something to the company that the IPO does not. That thing may be size—a SPAC can allow a company to raise a larger percentage of its equity than a typical IPO. Or that thing may be affiliation with a highly credentialed executive, executive team and/or financial investor that can bring others to invest in the combined company. A SPAC can also offer a high degree of flexibility for sellers to the extent that they want to cash out or roll into equity.

#3 Follow the Early-Cycle Playbook

Keeping with their view that this cycle will be relatively “normal,» the strategists are inclined to trust the recovery and favor early-cycle outperformers. “Coming out of a recession, we think it pays to buy stocks with the lowest expectations,» says Sheets.

That means owning small-caps over large-caps. Smaller companies typically lead coming out of recessions, and additional fiscal stimulus measures would likely be more supportive for smaller firms. The early-cycle playbook also favors high-quality cyclicals, such as U.S. and European financials, materials, and segments hard hit by COVID-19 lockdowns, such as travel and leisure.

Owning “Cyclicality” may now be cheap 
“Cyclicality” valuation (15Y percentile)

Source: Bloomberg, Morgan Stanley Research; Note: Commodity FX here is the average 15-year percentile of AUD, CAD and NOKE versus USD.

Active Company Engagement

Direct engagement with companies is paramount when sourcing opportunities—and not all fund managers do it. Some outsource the work to others who may be far removed from making decisions that shape portfolios, while others rely on third-party ESG scoring data, which can raise reliability questions in assessing the likelihood of environmental or social risks.

A direct approach can offer a significant competitive advantage. While engaging with companies, investors can position their dialogue to address material and relevant ESG factors that affect the sustainability of returns. This can include asking about environmental issues, like carbon emissions, raw-material sourcing and packaging, or social concerns, such as supply-chain labor standards or product quality. Within governance, topics like capital allocation and incentives are always relevant.

It’s crucial to enhance bottom-up fundamental analysis through active communication with company management to identify companies that lead in ESG issues and, subsequently, consumer and workforce engagement. This approach offers the opportunity to invest with a conscience and be positioned for successful long-term financial performance.

Q: Who would form a SPAC and why?

Schachter: Former public-market executives, private equity investors, hedge fund investors and growth equity investors might all be interested in forming a SPAC. What they all have in common is a degree of public-market experience in guiding companies.

For former public-market executives, SPACs offer a way to bring in capital to a company and to potentially take a leadership role as a chairperson or board member. For private equity investors, SPACs are another way for their fund to hunt for acquisitions that may be tangential to their typical target profile. A growth equity or hedge fund may see SPACs as a vehicle to aggregate capital from other public market investors and deploy it into proprietary late-stage private company deal flow—alongside what they would do normally.

8. A Digital Revolution

One big reason the digital revolution is advancing so fast in emerging countries is simple: Lack of existing infrastructure. With limited access to bricks-and-mortar banks, retail stores and other services, people are quick to adopt digital offerings. Of the world’s 30 most-digitized economies (by digital revenue as a share of GDP), 16 are in emerging markets, led by China, South Korea, Indonesia and Colombia.

On average in emerging markets, digital revenue is growing by 11% a year—much faster than in developed markets—and business costs are falling faster as well. This digital boost to productivity is likely to support an emerging-market comeback.

Дочерние компании[править | править код]

Основные дочерние компании на конец 2018 года и место их регистрации:

  • Morgan Stanley (Делавэр)
    • Morgan Stanley International Incorporated (Делавэр)
    • Morgan Stanley Principal Funding, Inc. (Делавэр)
    • Morgan Stanley Senior Funding, Inc. (Делавэр)
    • Morgan Stanley Hedging Co. Ltd. (Острова Кайман)
    • MS 10020, Inc. (Делавэр)
    • Morgan Stanley Fixed Income Ventures Inc. (Делавэр)
    • Morgan Stanley Capital Management, LLC (Делавэр)
      • Morgan Stanley Capital Group Inc. (Делавэр)
      • Morgan Stanley Investment Management Inc. (Делавэр)
      • Morgan Stanley Domestic Holdings, Inc. (Делавэр)
        • Morgan Stanley Services Holdings LLC (Делавэр)
          • Morgan Stanley Services Group Inc. (Делавэр)
          • MS Financing LLC (Делавэр)
        • Morgan Stanley Smith Barney FA Notes Holdings LLC (Делавэр)
        • Morgan Stanley Smith Barney LLC (Делавэр)
        • Morgan Stanley & Co. LLC (Делавэр)
        • Morgan Stanley Capital Services LLC (Делавэр)
        • Morgan Stanley Delta Holdings LLC (Нью-Йорк)
          • Morgan Stanley Bank, N.A. (Федеральная лицензия)
          • Morgan Stanley Private Bank, National Association (Федеральная лицензия)
    • Morgan Stanley International Holdings Inc. (Делавэр)
      • Morgan Stanley Asia Holdings Limited (Острова Кайман)
        • Morgan Stanley Asia Regional (Holdings) III LLC (Острова Кайман)
          • Morgan Stanley (Singapore) Holdings Pte. Ltd. (Сингапур

            Morgan Stanley Asia (Singapore) Pte. (Сингапур)


        • Morgan Stanley (Hong Kong) Holdings Limited (Гонконг)
          • Morgan Stanley Hong Kong 1238 Limited (Гонконг)
        • MSJL Holdings Limited (Острова Кайман)
          • Morgan Stanley Japan Holdings Co., Ltd. (Япония

            Morgan Stanley MUFG Securities Co., Ltd. (Япония)


      • Morgan Stanley International Limited (Великобритания)
        • Morgan Stanley France Holdings I S.A.S. (Франция

          Morgan Stanley France S.A. (Франция)


        • Morgan Stanley UK Limited (Великобритания)
        • Morgan Stanley Investments (UK) (Великобритания)
          • Morgan Stanley Bank International Limited (Великобритания)
          • Morgan Stanley Investment Management Limited (Великобритания)
          • Morgan Stanley & Co. International plc (Великобритания)
        • MSL Incorporated (Делавэр)

Client Services

New Accounts

Question: How can I apply for an account with Morgan Stanley?

Answer: Please call your local branch office (you can find one using our Morgan Stanley retail branch office locator or calling toll free 1-877-937-6739).


Question: How can I get involved in an IPO that Morgan Stanley is underwriting?

Answer: Please consult your Morgan Stanley financial advisor. They will give you the details of the requirements for IPO participation and share allocation. If you do not have a Morgan Stanley account, please check our Morgan Stanley retail branch office locator for a branch near you. You can also call toll free 1-877-937-6739

Question: Can I get IPO shares with my Morgan Stanley Online account?

Answer: Yes. Please consult the following website for more information on IPOs: Equity Syndicate-Educational Overview

Please take note that public offerings are considered speculative investments and as such may not be appropriate for every investor.

Due to the limited number of securities distributed by Morgan Stanley Online, no assurances may be made that any particular customer will receive an allocation of securities.

Research Reports

Question: How can I get a copy of a Morgan Stanley Equity Research Report?

Answer: Equity research is generally available only to the clients of Morgan Stanley; please contact your Financial Advisor. Some research reports are available to the general public. Please call your local Morgan Stanley retail branch office or contact our Equity Research department at 212-761-6201.

Online Trading/viewing My Account Online

Question: How do I apply for an online account and what are the minimum investments?

Answer: Please consult the following website for our online products: Morgan Stanley Individual

Question: How can I view my accounts online?

Answer: Please request a ClientServ login and password from your financial advisor or consult our ClientServ website for more information.

Asset Management Funds

Question: How can I track my Morgan Stanley funds online? How do I find the ticker symbol? If I want to talk to somebody about the details of different funds, what is the phone number?

Answer: You can get detailed information about our Funds by consulting our Investment Management website or call 1-800-869-FUND. For more detailed fund information including ordering a prospectus from our Literature Center please call one of the following phone numbers:

  • Morgan Stanley Family of Funds: 1-800-869-FUND
  • Morgan Stanley Institutional/MAS Funds: 1-800-548-7786
  • Morgan Stanley Closed End Funds: 1-800-231-2608
  • Van Kampen Funds: 1-800-341-2911


Question: How can I get a copy of a prospectus on a stock or bond that Morgan Stanley is underwriting?

Answer: For a copy of any prospectus on a stock or bond that Morgan Stanley is underwriting, please call your Financial Advisor at your local Morgan Stanley retail branch office or submit your request online to

Критика[править | править код]

Как и ряд других банков, Morgan Stanley подвергался критике за роль, сыгранную в финансовом кризисе 2007—2008 годов, в частности сокрытии от инвесторов высокого риска дефолта по ипотечным ценным бумагам. В 2014 году банк был оштрафован на $1,25 млрд правительством США и на $95 млн Пенсионной системой госслужащих Миссисипи. В феврале 2016 года банк согласился уплатить ещё $3,2 млрд федеральным властям. Кроме этого, против Morgan Stanley были поданы иски со стороны инвесторов, таких как China Development Industrial Bank (2010 год), IKB International S.A. (2013 год), Deutsche Bank (2013 и 2015 годы), U.S. Bank National Association (2013 год), Financial Guaranty Insurance Company (2014 год).

Three Compelling ESG Themes

Analyzing companies’ environmental, social and governance behaviors is essential in determining the viability of long-term returns. Some companies are more attuned to the issues that are relevant to consumers and their management teams embrace the increasing challenges of our complex world in efforts to build brand equity and offer robust long-term financial performance.

Long-term investors should consider three of the most compelling ESG examples in these higher-quality sectors:

1.      Consumer Staples: A number of companies in the industry have environmental and social policies that are both driving revenue and protecting the companies’ franchise for the long term. Businesses tackling the challenges of recycling are particularly interesting—some are developing environmentally responsible packaging, like removable label adhesives to improve bottle usability in recycling, while others are investing heavily in infrastructure to help increase the rate of recycling, or producing paper-padded vs. plastic bubble wrapping mailers. Some are also leading social responsibility efforts, like reformatting their beverage recipes to respond to regulation and an increasing global interest in reduced sugar consumption, or committing to sustainable sourcing of ingredients for commodity supply chains.

2.      Health Care: Some of our most pressing global issues are health-related, like the lack of proper nutrition and safe drinking water in certain parts of the world. Some companies are helping boost the nutritional value of rice, as half of the two billion people affected by micronutrient malnutrition reside in countries where rice is a staple food. Corporations that invest in rice-fortification technology, which adds essential vitamins and minerals, have succeeded in both reducing costs and improving nutrients, while others focused on water sanitation have developed innovative products that can be used safely, even when clean water is scarce.

3.      Software and IT Services: Data privacy and security are important issues. Companies that don’t primarily rely on monetizing sensitive consumer data are of greater long-term interest—even more so if they seek to balance their own interests with the impact that their big data analytics have on society. Corporations that also promote responsible values with initiatives that make a real difference benefit from having an engaged workforce, which is extremely valuable in the long term. Examples of these efforts include commitments to a diverse workplace and supply chain; inclusion initiatives, like the integration of people with autism into the workforce; the use of technology for environmental purposes, such as protecting endangered species or community education efforts that teach skills, such as coding or financial literacy to teachers and youth.

Q: Why are SPACs so popular?

Schachter: In 2020, SPACs executed a number of high-profile mergers that brought exciting companies to the public markets. That, of course, attracted interest. In addition, the quality of SPAC sponsorship shifted to include a higher percentage of world-class CEOs and some very exciting growth equity investors. Against the backdrop of a constructively-priced equity market, low interest rates and liquidity flush throughout the system, investors see parking their money in SPACs as having small opportunity costs, with the potential for generating alpha. 

SPAC Front-end Issuance Has Grown Significantly Since 2010

Source: Dealogic. Includes all SPACs with IPO deal value over $30MM.

Q: What’s your outlook on SPACs going forward?

Schachter: Given the increase in SPAC issuance and higher quality of SPAC sponsors, competition among outstanding SPACs has led to evolution of the structure, to make it more aligned with the interests of all stakeholders, including the SPAC itself, the company that sells to the SPAC and the investors. Part of the product’s evolution is a new “promote” that SPAC sponsors receive.

In fact, Morgan Stanley has developed a new structure called a Stakeholder Aligned Initial Listing (SAIL) vehicle, which changes the entire “promote” and cost structure of a traditional SPAC. Instead of the SPAC sponsor receiving 20% of the equity of the vehicle (which results in immediate dilution for the target-company shareholders) irrespective of post-transaction share price performance, the SAIL promote is entirely performance based. The SAIL entitles the sponsor to an equity grant equal to a percentage of the post-merger capital appreciation on only the capital the SPAC delivers to complete the merger (not on the total equity of the combined company). The percentage is 20% for the first 30% capital appreciation and 30% for appreciation above that, with permanent high-water marks (a high-water mark refers to the SPAC’s highest peak in value, which means that if the combined company’s shares trade lower than the high-water mark, the SPAC sponsors receive no promote until the shares trade back above the high-water mark). This structure reduces upfront dilution because there is no equity grant out of the gate, it aligns the SPAC sponsor with other investors and rolling shareholders, and ties sponsor compensation directly to performance, much like a management incentive program does.

Looking ahead at the future of SPACs overall, we think sponsor teams and investors will continue to look for and evaluate innovative ways to create long-term value by aligning the “promote” with shareholder interests.

Общие черты банковского бизнеса

Основу доходов банков составляют 2 вида доходов:

  1. Процентный
  2. Комиссионный

Процентный доход

Банки выдают кредиты и зарабатывают на процентах. Банки могут давать в долг:

  • собственные средства
  • заёмные средства

Собственные средства — это нераспределённая прибыль. Заёмные средства — это депозиты клиентов банка.

Проценты, которые банк выплачивает клиентам по депозитам, являются его процентными расходами. Банк прокручивает эти деньги и даёт в долг под больший процент. Это его процентные доходы. Разница между процентами, полученными по кредитам, и процентами, уплаченными по депозитам, называется чистым процентным доходом.

Чем больше ставка по кредитам, и чем меньше ставка по депозитам, тем больше зарабатывает банк.

Чистая процентная маржа — это разница между процентными ставками по кредитам и депозитам. На неё влияет процентная ставка центробанка. Повышение ставки ЦБ — это хорошо для банков, потому что оно помогает банкам увеличивать чистую процентную маржу.

Банки также несут расходы, связанные с риском невозвратов кредитов. По портфелям кредитов банки всегда рассчитывают вероятность невозврата долга.

Когда риск невозврата растёт, банк обязан создавать резервы под этот риск. Это и будет являться расходом от создания резервов под кредитные убытки.

Комиссионный доход

Комиссии на разнообразные услуги, которые банки оказывают своим клиентам, удерживаются со следующих направлений банковской деятельности:

  • брокерские услуги
  • транзакции
  • финансовый консалтинг
  • андеррайтинг
  • управление капиталом

Эта часть выручки менее рискованная, чем чистый процентный доход, потому что она не зависит от многих внешних условий, например, от денежно-кредитной политики ЦБ.

Внедрение финансовых технологий способствует росту дополнительного дохода банков.

Не у всех банков одинаковое соотношение комиссионных и процентных доходов в структуре выручки.

Инвестиционные банки ориентированы на оказание услуг. Они не выпускают кредитные карты. Поэтому в основном они зарабатывают на комиссионных сборах.

У Morgan Stanley и Goldman Sachs Group непроцентные доходы составляют около 90% всей выручки.

Норматив достаточности капитала

Этот важный показатель в бизнесе банков показывает способность банка компенсировать возможные убытки за счёт своих собственных средств.

Норматив достаточности капитала рассчитывается банками, исходя из отношения капитала к взвешенным по риску активам.

Показатель введён в 2010 году в ответ на глобальный кризис.

Главный показатель — коэффициент достаточности капитала первого уровня. Минимальное допустимое значение, которое требуют регуляторы в США с конца 2020 года, составляет 8,4%. Он может быть выше из-за дополнительных требований к банкам, у которых растут риски, или к системно значимым банкам.

В капитал первого уровня входят:

  • акционерный капитал банка
  • нераспределённая прибыль
  • прочий совокупный доход

Гудвилл и нематериальные активы исключаются.


Tax Basis in Shares Received in Eaton Vance Acquisition

Question: As a former Eaton Vance shareholder, how do I determine my tax basis in the Morgan Stanley shares I received in the Eaton Vance acquisition?

Answer: On October 8, 2020, Morgan Stanley announced its agreement to acquire Eaton Vance Corp. (Eaton Vance). After the closing of the acquisition, Eaton Vance merged with and into a wholly owned subsidiary of Morgan Stanley. The acquisition was completed on March 1, 2021.

Please see the following document, Form 8937 (Report on Organizational Actions Affecting Basis of Securities): Form 8937 + Attachment to Form 8937

This information is for illustrative purposes and not intended as tax advice. You should consult your tax advisor as to the specific tax consequences to you of the transaction under U.S. federal, state, local and foreign tax laws.

Tax Basis in Shares Received in E*TRADE Acquisition

Question: As a former E*Trade shareholder, how do I determine my tax basis in the Morgan Stanley shares I received in the E*TRADE acquisition?

Answer: On February 20, 2020, Morgan Stanley announced its agreement to acquire E*TRADE Financial Corporation (E*TRADE). After the closing of the acquisition, E*TRADE merged with and into a wholly owned subsidiary of Morgan Stanley. The acquisition was completed on October 2, 2020.

Please see the following document, Form 8937 (Report on Organizational Actions Affecting Basis of Securities): Form 8937 + Attachment to Form 8937

This information is for illustrative purposes and not intended as tax advice. You should consult your tax advisor as to the specific tax consequences to you of the transaction under U.S. federal, state, local and foreign tax laws.

Transferring Shares Of Morgan Stanley Stock

Question: How do I transfer Morgan Stanley shares from one shareholder to another?

Answer: Please call our Transfer Agent, Broadridge at 1-800-622-2393 or write to:

Contacting us via Overnight Mail
Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions
1155 Long Island Avenue Edgewood
NY 11717-8309

Change Of Address For My Dividend And Share Accounts With Morgan Stanley

Question: I am a Morgan Stanley shareholder. How do I change my address for my dividend checks, annual report to shareholders and other company information?

Answer: Please call our Transfer Agent, Broadridge at 1-800-622-2393 or write to:

Note: If you need to change your address with your Morgan Stanley brokerage account, please contact your financial advisor or branch office.

Direct Share Purchase And Dividend Reinvestment Program (DRIP)

Question: I would like to enroll in your direct stock purchase and dividend reinvestment plan. How do I get started?

Answer: Please call our plan record keeper, Broadridge at 1-800-622-2393 or write to:

Obtaining A New Stock Certificate

Question: How do I obtain a new stock certificate?

Answer: Please call our Transfer Agent, Broadridge at 1-800-622-2393 or write to:

Note: Morgan Stanley discontinued issuing paper common stock certificates effective as of September 3, 2007.

Tax Cost Basis Worksheet

Question: How can I determine the tax cost basis of my Morgan Stanley common stock if I received my shares as part of the Sears spin-off in 1993?

Answer: If you are holding stock registered through Broadridge, please call Broadridge at 1-800-622-2393 for assistance in calculating the cost basis for Morgan Stanley and Sears stock. The Morgan Stanley/Dean Witter merger is tax-free to both Discover and Morgan Stanley shareholders for Federal Income Tax purposes. However, former Morgan Stanley shareholders may have to pay taxes on any cash received for fractional shares and may have to pay taxes as a result of the payment of certain transfer taxes paid by the Company.

Company Information

Sustainability Disclosure

Question: Does Morgan Stanley publish a sustainability or corporate responsibility report?

Answer: Yes, Morgan Stanley has published an annual sustainability report since 2009. Our 2018 Sustainability Report focuses on investor-relevant sustainability and corporate governance topics in the spirit of the Sustainability Accounting Standards Board (SASB) guidance and the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). Additional information about our sustainability-related activities is available on our sustainability webpage. Our environmental and social risk management policies are available on our corporate governance webpage.

Ticker Symbol For Morgan Stanley

Question: What is the ticker symbol for Morgan Stanley’s common stock?

Answer: The Company’s common stock trades under the ticker symbol MS.

Morgan Stanley Stock Split History

Question: When was Morgan Stanley’s last split?

Answer: On December 20, 1999, Morgan Stanley announced a 2 for 1 common stock split in the form of a 100 percent stock dividend, payable January 26, 2000 to common shareholders of record as of January 12, 2000. In addition, both Morgan Stanley Group, Inc. and Dean Witter, Discover & Co. announced stock splits prior to the merger, which occurred on May 31, 1997. At the time of the merger, Morgan Stanley common shareholders received 1.65 shares of Morgan Stanley common stock in exchange for each share of Morgan Stanley stock they owned, and each share of Discover common stock automatically represented one share of Morgan Stanley common stock.

Morgan Stanley Dividend Information

Question: What is the frequency of the dividend distribution of the Morgan Stanley common stock and the amount of the cash dividend?

Answer: The amount of the cash dividend is announced every quarter in the earnings press release and is distributed about one month after the release. Currently the cash dividend is US$.25 per share.


Перспективы Morgan Stanley и Goldman Sachs Group

Оба банка развиваются, стараются идти в ногу со временем. Они добавляют к своим классическим услугам цифровые бизнесы, что делает банки привлекательными и показывает, что они не собираются отставать от трендов. Банки продолжат свою цифровую экспансию.

Оба банка являются прямыми конкурентами в инвестиционном банкинге. Оба они ориентированы на технологический сектор.

В 2020 году Morgan Stanley сохранил лидерство в сфере слияний и поглощений в секторе TMT. Компания сумела совершить сделок на сумму почти 341 миллиард долларов, обогнав Goldman Sachs Group. Goldman Sachs Group занял второе место по объёму сделок на сумму 306 миллиардов долларов.

Сделки в секторе TMT, совершённые Morgan Stanley и Goldman Sachs Group в 2020 году

  Morgan Stanley Goldman Sachs Group
Сумма (млрд. долларов) 341 306

Риски для Morgan Stanley и Goldman Sachs Group

  1. Рыночный риск. Изменение рыночной конъюнктуры и настроений на рынках может повлиять на цены акций и вызвать нежелание компаний проводить IPO. Это может сильно ударить по доходам банков от андеррайтинга, а для них это существенная статья доходов
  2. Правовой риск, который может проявляться в будущем. Финансовый сектор сталкивается с жёсткими правилами, которые затрагивают конфиденциальность и защиту данных пользователей. Банки должны строго придерживаться этих правил. В прошлом у Morgan Stanley были недостатки, связанные с защитой данных. В 2020 году компания была даже оштрафована на 60 миллионов долларов за неправильный вывод из эксплуатации 2 центров обработки данных

По мультипликаторам компании оцениваются адекватно — в районе 1,3 капитала. Для банков это хорошо, потому что норма варьируется до 2 капиталов при пиковых значениях.

Оценка Morgan Stanley и Goldman Sachs Group по мультипликаторам

  Норма оценки Morgan Stanley и Goldman Sachs
Оценка (капитала) 2 1,3

По остальным значениям у Goldman Sachs Group есть небольшой дисконт, который уйдёт вместе с развитием цифрового проекта потребительского банкинга Marcus by Goldman Sachs.

И Goldman Sachs Group, и Morgan Stanley неплохо пережили кризис за счёт того, что они являются инвестиционными банками и не очень сильно зависят от кредитования.

Оба банка — в цифровой гонке. У Goldman Sachs Group есть небольшой дисконт. Это может значить, что банк может в какой-то момент отскочить немножко посильнее, чем Morgan Stanley.

В целом компании хорошие, вряд ли их кто-то сумеет сдвинуть с пьедестала. Но, с другой стороны, негативные веяния в макроэкономике и на финансовых рынках могут повлиять на их доходы от IPO, которые являются значимыми для обоих банков.

Будем наблюдать.

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