Morgan Stanley
$2.1T reported client assets across 281 advisory firms in FY2025 annual amendments
Reported client assets over time
$687B
$2.1T
2017
2025
Same-firm comparison: 228 firms that reported Morgan Stanley in both FY2024 and FY2025 annual amendments (ADV Item 5.K.(3)). Fiscal years come directly from the SEC filing-type table; filing dates are not used as a year-end proxy. 2017, 2018, 2019, 2020, 2021, 2022 are shown but partial — only FY2017: 67 cohort firms, FY2018: 84 cohort firms, FY2019: 104 cohort firms, FY2020: 121 cohort firms, FY2021: 144 cohort firms, FY2022: 165 cohort firms.
| Advisory firm | RAUM at custodian | Firm total AUM | Share | As of |
|---|---|---|---|---|
| Morgan Stanley Smith Barney Llc | $1.7T | $2.0T | 88.4% | 03/30/2026 |
| Parametric Portfolio Associates Llc | $113B | $685B | 16.5% | 03/31/2026 |
| Franklin Templeton Private Portfolio Group, Llc | $49.5B | $140B | 35.4% | 12/05/2025 |
| Clearbridge Investments, Llc | $38.2B | $185B | 20.7% | 12/18/2025 |
| Morgan Stanley Investment Management Inc. | $37.8B | $702B | 5.4% | 03/31/2026 |
| Nuveen Asset Management, Llc | $13.4B | $280B | 4.8% | 03/24/2026 |
| Capital Research And Management Company | $13.4B | $3.8T | 0.4% | 09/26/2025 |
| Invesco Managed Accounts, Llc | $10.0B | $31.3B | 31.9% | 03/30/2026 |
| Sage Advisory Services Ltd Co | $8.5B | $28.4B | 29.8% | 03/30/2026 |
| Trexquant Investment Lp | $6.7B | $13.5B | 49.7% | 03/31/2026 |
| Lord, Abbett & Co. Llc | $5.5B | $270B | 2.0% | 12/22/2025 |
| Polen Capital Management, Llc | $5.5B | $24.1B | 22.8% | 03/30/2026 |
| Gotham Asset Management, Llc | $3.8B | $30.0B | 12.6% | 03/27/2026 |
| Dolan Mceniry Capital Management Llc | $3.0B | $13.8B | 21.7% | 03/10/2026 |
| Cv Advisors Llc | $2.9B | $15.1B | 19.3% | 03/30/2026 |
| Putnam Investment Management, Llc | $2.8B | $117B | 2.4% | 12/24/2025 |
| Aspen Grove Capital, Llc | $2.5B | $6.7B | 37.9% | 03/31/2026 |
| Two Sigma Investments, Lp | $2.4B | $233B | 1.0% | 03/31/2026 |
| Allspring Funds Management, Llc | $2.4B | $325B | 0.7% | 03/20/2026 |
| Atalanta Sosnoff Management, Llc | $2.0B | $3.9B | 49.9% | 03/31/2026 |
| Spiderrock Advisors, Llc | $1.9B | $9.8B | 19.6% | 03/31/2026 |
| Miller Howard Investments Inc | $1.9B | $3.8B | 49.0% | 03/17/2026 |
| Bny Mellon Securities Corporation | $1.8B | $8.4B | 21.4% | 03/31/2026 |
| The Bollard Group Llc | $1.7B | $6.7B | 25.3% | 03/31/2026 |
| Pcm Encore, Llc | $1.7B | $1.7B | 97.0% | 03/23/2026 |
| Lm Advisors Llc | $1.6B | $2.9B | 56.2% | 03/30/2026 |
| Fuller & Thaler Asset Management Inc | $1.6B | $30.3B | 5.3% | 03/30/2026 |
| The Renaissance Group Llc | $1.6B | $2.9B | 54.5% | 03/16/2026 |
| Gfs Advisors Llc | $1.6B | $3.8B | 41.9% | 03/17/2026 |
| Madison Investment Advisors, Llc | $1.5B | $13.8B | 10.5% | 03/20/2026 |
| Cambiar Investors, Llc | $1.4B | $2.9B | 49.2% | 03/30/2026 |
| Richard Bernstein Advisors Llc | $1.4B | $3.8B | 37.7% | 03/23/2026 |
| Magnetar Asset Management Llc | $1.4B | $1.9B | 71.5% | 03/31/2026 |
| Weaver C. Barksdale & Associates, Inc. | $1.3B | $3.4B | 37.7% | 03/30/2026 |
| Pgim Custom Harvest Llc | $1.2B | $6.9B | 16.8% | 03/27/2026 |
| Vestal Point Capital, Lp | $1.1B | $5.5B | 20.4% | 03/31/2026 |
| Spectrum Asset Management, Inc. | $1.1B | $18.3B | 6.0% | 03/20/2026 |
| Chilton Investment Services, Llc | $1.1B | $8.2B | 13.5% | 03/30/2026 |
| Toms Capital Investment Management Lp | $1.1B | $2.7B | 40.5% | 03/31/2026 |
| Clinton Investment Management, Llc | $1.1B | $3.9B | 27.3% | 03/20/2026 |
| Stony Point Capital Llc | $1.0B | $1.5B | 69.3% | 03/02/2026 |
| Cheyne Capital Management (Uk) Llp | $1.0B | $38.8B | 2.6% | 06/09/2025 |
| Campbell & Company Investment Adviser Llc | $946M | $4.3B | 21.8% | 03/31/2026 |
| Geneva Capital Management Llc | $926M | $5.6B | 16.5% | 03/25/2026 |
| Cincinnati Asset Management Inc | $903M | $2.5B | 35.7% | 03/19/2026 |
| Morgan Stanley Aip Gp Lp | $890M | $40.9B | 2.2% | 03/30/2026 |
| Passaic Partners Llc | $866M | $2.2B | 38.7% | 03/27/2026 |
| Mmbg Investment Advisors Co. | $849M | $3.0B | 28.5% | 03/27/2026 |
| Rsw Investments Holdings, Llc | $842M | $2.3B | 36.6% | 03/04/2026 |
| Sagewood Asset Management Lp | $841M | $2.7B | 31.1% | 03/31/2026 |
| Ardsley Advisory Partners Lp | $798M | $1.6B | 48.8% | 02/24/2026 |
| Larch Capital Partners Llc | $794M | $3.0B | 26.5% | 03/31/2026 |
| One Madison Group Llc | $751M | $7.0B | 10.7% | 03/30/2026 |
| Cumberland Advisors, Llc | $740M | $3.2B | 23.0% | 01/28/2026 |
| Davern Capital Partners, Lp | $660M | $715M | 92.3% | 03/27/2026 |
| Encompass Capital Advisors Llc | $648M | $4.8B | 13.4% | 03/31/2026 |
| Pacific Income Advisers Inc | $613M | $2.2B | 27.3% | 03/26/2026 |
| Broad Bay Capital Management Lp | $547M | $1.9B | 29.0% | 03/31/2026 |
| Silverarc Capital Management, Llc | $540M | $1.6B | 33.7% | 03/30/2026 |
| Valor Advisors Llc | $536M | $4.0B | 13.4% | 03/31/2026 |
| Sio Capital Management, Llc | $536M | $1.3B | 41.4% | 03/18/2026 |
| Northstar Asset Management, Inc | $530M | $806M | 65.8% | 03/11/2026 |
| Boldhaven Management Llp | $524M | $1.4B | 37.2% | 06/27/2025 |
| Catalio Capital Management, Lp | $522M | $2.2B | 24.0% | 03/31/2026 |
| Artemis Wealth Advisors, Llc | $510M | $1.9B | 26.6% | 03/19/2026 |
| Harbor Advisors Llc | $505M | $852M | 59.3% | 02/27/2026 |
| N | $491M | $2.0B | 24.1% | 03/30/2026 |
| Mana Advisors Llc | $478M | $509M | 93.9% | 03/30/2026 |
| Ullman John & Associates Inc | $471M | $1.5B | 31.2% | 03/30/2026 |
| Ingalls Investment Management, Llc | $468M | $7.8B | 6.0% | 12/24/2025 |
| Azora Capital Lp | $462M | $2.5B | 18.5% | 03/27/2026 |
| Blueshift Asset Management, Llc | $458M | $694M | 66.0% | 03/30/2026 |
| Basswood Capital Management, L.L.C. | $457M | $2.8B | 16.2% | 03/30/2026 |
| Talos Eurisko Asset Management Lp | $453M | $1.8B | 25.8% | 03/30/2026 |
| Calvert Research And Management | $438M | $40.3B | 1.1% | 03/29/2026 |
| Saba Capital Management, L.P. | $436M | $18.3B | 2.4% | 03/31/2026 |
| Mane Global Capital Management Lp | $404M | $2.9B | 13.7% | 03/27/2026 |
| Tri Locum Partners Lp | $389M | $1.1B | 35.7% | 03/31/2026 |
| Blue Grotto Capital, Llc | $388M | $2.1B | 18.5% | 03/20/2026 |
| Odyssean, Llc | $373M | $373M | 100.0% | 03/12/2026 |
| Aristeia Capital, Llc | $354M | $13.7B | 2.6% | 03/31/2026 |
| Aragon Global Management, Lp | $343M | $369M | 93.0% | 03/31/2026 |
| North Peak Capital Management, Llc | $339M | $1.7B | 19.9% | 03/12/2026 |
| Summit Partners Public Asset Management, Llc | $338M | $4.6B | 7.3% | 03/27/2026 |
| Indus Capital Partners, Llc | $332M | $5.1B | 6.5% | 03/30/2026 |
| New York Life Investment Management Llc | $331M | $121B | 0.3% | 03/30/2026 |
| Erguz, Llc | $325M | $889M | 36.6% | 03/03/2026 |
| Hite Hedge Asset Management Llc | $325M | $2.2B | 14.9% | 03/31/2026 |
| Pioneer Family Office, Llc | $324M | $957M | 33.9% | 03/25/2026 |
| Activest Wealth Management, Llc | $318M | $1.5B | 21.8% | 02/19/2026 |
| Digitalbridge Investment Management, Llc | $317M | $61.1B | 0.5% | 03/31/2026 |
| Connors Investor Services Inc | $313M | $1.3B | 24.4% | 03/31/2026 |
| Guggenheim Wealth Solutions, Llc | $309M | $371M | 83.3% | 03/31/2026 |
| Jjp Capital Management, Inc. | $297M | $390M | 76.1% | 03/10/2026 |
| Sofinnova Investments, Inc. | $284M | $5.4B | 5.3% | 03/27/2026 |
| Park Presidio Capital Llc | $280M | $1.6B | 17.0% | 03/17/2026 |
| Westward Investment Advisory, Llc | $279M | $572M | 48.9% | 03/23/2026 |
| Reik & Co., Llc | $273M | $322M | 84.9% | 03/16/2026 |
| Sierra Capital Llc | $271M | $1.6B | 16.8% | 03/27/2026 |
| Rush Island Management, Lp | $264M | $2.0B | 13.1% | 03/27/2026 |
From Form ADV Schedule D 5.K.(3): custodians named at the 10%-of-SMA-assets threshold, with reported dollar amounts. "Share" is reported amount as a share of the firm's total regulatory AUM.