摩根斯丹利-颠倒的世界（英文）-46页.pdfVIP

BLUEPAPER Wholesale Banks Asset Managers The World Turned Upside Down ur new work suggests that in a reversal of fortunes Asset Managers now face intensifying top-line pressures from cheap beta and regulations, while Banks are Oprimed for upside with regulatory shifts helping to drive RoE up by ~300bps. Oliver Wyman is a global leader in management consulting. For more information, visit . Oliver Wyman is not authorized or regulated by the PRA or the FCA and is not providing investment advice. Oliver Wyman authors are not research analysts and are neither FCA nor FINRA registered. Oliver Wyman authors have only contributed their expertise on business strategy within the report. Oliver Wyman’s views are clearly delineated. The securities and valuation sections of report are the work of Morgan Stanley only and not Oliver Wyman. For disclosures specifically pertaining to Oliver Wyman, please see the Disclosure Section located at the end of this report. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. + = Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.