Morgan Stanley expects upcoming IPOs to deliver tens of billions in client assets to its wealth management division, repeating the bonanza from Space X’s listing. In Q2, its money‑management business gathered $74bn in net new assets from IPOs, including Space X, via managing employee equity plans for underwritten firms, plus $100mn in underwriting fees for Space X.

The bank posted a record $8.9bn wealth‑management net revenue in Q2, with inflows expected to yield tens of millions in recurring fees if assets stay. Scott Whatley, head of Morgan Stanley at Work, said the performance is not a one‑time hit and that dozens of IPOs are lined up for corporate clients, assuming capital markets stay open. He added that liquidity events from IPOs remain a big driver for the bank, which is still in the early stages of realizing the full benefits.

Morgan Stanley now oversees over $10tn in client assets, most in wealth management, and reported total net new assets of $148bn in Q2, over half from IPOs such as Space X and AI chipmaker Cerebras Systems. The firm’s workplace business has generated about $400bn in net inflows since 2020, underscoring its reliance on IPO‑driven liquidity events to grow its wealth‑management franchise.