Morgan Stanley netted nearly $20 billion in new client assets from First Republic and other struggling regional banks
18% came from fleeing advisors and customers at struggling regional banks like First Republic.
Morgan Stanley beat profit estimates with its first-quarter results and got a little boost from the banking crisis. Analyst Steven Chubak of Wolfe Research asked how First Republic advisors flocking to Morgan Stanley had boosted quarterly inflows. CFO Sharon Yeshaya said about $90 billion of the net new assets came in"without any relationship to those regionals."
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