Record levels of private capital and the recent and rapid rise of VC-funded unicorns suggest to some that public markets are a thing of the past, a holdover from the capitalism of yesteryear. Financial news of the past two decades is littered with stories of companies delaying IPOs and growing despite it — Meta, Uber, Airbnb and the like. Some still remain private, most notably Elon Musk’s SpaceX. If they can find success without going public, why should anyone else? Take the example of Klarna — a 20-year ...

"Our clients are mostly focused on getting access to those private companies," Morgan Stanley's global head of client coverage Elizabeth Dennis tells Bloomberg Television. She says evergreen funds are in high demand from investors opting for returns in private markets. She speaks ahead of the Women, Money & Power event in London. ...

All right. It feels like every other day we're hearing a deal about OpenAI doing a deal with a public company or some other private company uh with a an investment and valuations moving higher. Can we just talk very quickly about investing in private companies.We often hear a lot of hand ringing or people have a lot of hand ringing about investing in the public markets because valuations are stretched and we're very close to record highs. Do you have similar concerns about the private markets. So, it's a gr ...

All right, but in the meantime, we're going to begin with the markets and your money. Joining us in his first ever CNBC appearance, Ben Huni, he is the head of investment strategy at Morgan Stanley. Do we need to be offended.Do you do you like us. Where have you been hiding. I haven't been invited.Thank you for You're invited and you came on for me, Brian. So, thank you for Great to be here. All right, slip it at her.So you guys run a scant $1.7% trillion dollar even by our standards. That's a lot of money ...

Market Trend - Tokenized pre-IPO stocks are now tradable on Solana, opening private markets onchain [1] - PreStocks platform enables trading of synthetics of private companies [1] Companies Involved - Markets available include SpaceX, OpenAI, AnthropicAI, Anduril, Kraken, Neuralink, Discord, and Epic Games [1]

Market Trends & Investment Opportunities - Explores the rapidly changing landscape of finance [1] - Focuses on the rise of private markets and tokenization [1] - Discusses the role of artificial intelligence (AI) in providing financial advice [1] Industry Expertise & Resources - Features Margaret Franklin, president and CEO of CFA Institute [1] - Provides information to make the right trade for your portfolio [1] - Offers free stock ticker data, up-to-date news, and comprehensive market data via Yahoo Finance [1] Media & Access - Promotes the "Stocks In Translation" video series available on Yahoo Finance and streaming services [1] - Encourages users to download the Yahoo Finance app on Apple and Android [1] - Directs users to follow Yahoo Finance on various social media platforms [1]

AI Valuation & Fundraising - Open AI 在最近一轮融资中以 3000 亿美元的估值筹集了 83 亿美元[1] - 法国 AI 初创公司 Mistral 寻求在最新一轮融资中获得 100 亿美元的估值[1] - 私募市场 AI 领域中的 19 家公司在过去两三年中平均增长了 300%，收入基数较大，达 10 亿美元级别[2] - 截至目前，这 19 家公司已筹集了 650 亿美元，相当于美国股市流入资金的一半[17] AI Market Dynamics & Competition - 每周有 7 亿人使用 Open AI，几个月前这一数字为 5 亿[3] - 自 2024 年 1 月以来，整个 AI 行业的估值增长了约 200%[10] - 私募市场自 2024 年 1 月以来增长迅速，约为 56%，而标准普尔 500 指数增长了约 36%[10] - 生成式 AI 领域可能只有少数赢家，但在 Agentic 和其他基础设施领域，可能会涌现出几家规模远超其他行业的公司[7] - 行业竞争激烈，企业愿意花费数百万甚至数十亿美元来挖走竞争对手的顶尖人才[8] Investment Strategies & Public Market Exposure - Anthropic 和 Open AI 吸引了大量资本涌入[5] - 通过投资微软（Open AI 的主要所有者）和软银（向 Open AI 投资了 300 亿美元）等上市公司，公众可以在公开市场参与对私有 AI 公司的投资[16]

Financial Data and Key Metrics Changes - Assets under management grew by 2% in the quarter, reaching $171 billion, an increase of $4 billion sequentially due to market performance [6][9] - Earnings per share as adjusted increased to $6.25 from $5.73 in the first quarter, although it decreased by 4% compared to the prior year period [13][24] - Operating margin improved to 31.3% from 27.6% in the previous quarter [12][23] Business Line Data and Key Metrics Changes - Total sales for the quarter were $5.6 billion, down from $6.2 billion in the first quarter, with net outflows of $3.9 billion primarily in equity strategies [10][17] - Positive net flows in ETFs reached $3.7 billion, with an organic growth rate of 74% over the trailing twelve months [10][19] - Institutional sales decreased to $1.3 billion from $1.5 billion, while retail separate account sales declined to $1.5 billion from $1.7 billion [17][18] Market Data and Key Metrics Changes - Net outflows in institutional products increased to $2.2 billion, driven by quality-oriented large cap strategies [18] - Fixed income strategies returned to positive flows in June after modestly negative flows in April and May [11][12] - The market sentiment in July continued to trend favorably, with stronger flow profiles for fixed income funds [11][48] Company Strategy and Development Direction - The company is focused on expanding its offerings in retail separate accounts, ETFs, and global funds, with multiple product launches anticipated [7][8] - There is an emphasis on pursuing growth opportunities in private markets and differentiated traditional strategies [8][35] - The company aims to leverage its strong liquidity and flexible balance sheet to act on strategically compelling opportunities [8][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter began with challenging market conditions but saw steady improvement by June [5] - The company remains optimistic about growth opportunities, particularly in private markets and differentiated strategies [8][35] - Management highlighted that the pipeline of opportunities is at its highest level, indicating a favorable environment for product expansion [8][35] Other Important Information - The company repurchased $30 million worth of shares during the quarter, the highest level in three years, contributing to a 3% reduction in share count [13][26] - The company ended the quarter with significant liquidity and a modest net debt position, providing flexibility for future investments [13][27] Q&A Session Summary Question: Share repurchases and capital allocation - Management indicated a balanced approach to capital management, with a focus on share repurchases due to compelling stock valuation and upcoming capital uses [29][31] Question: M&A outlook and asset types - Management discussed the high level of activity in evaluating opportunities, particularly in private markets and traditional strategies, emphasizing the need for differentiated capabilities [32][35] Question: Compensation structure and expense management - Management clarified that compensation is highly variable and linked to performance, with no anticipated catch-up spending expected [39][41] Question: Flow trends in July - Management noted that July continued the positive trend seen in June, particularly in fixed income and ETFs, while quality-oriented equities faced outflows [45][48] Question: ETF platform success and growth initiatives - Management expressed satisfaction with the growth of the ETF platform, highlighting ongoing product expansion and the importance of access to financial advisors [62][65] Question: Inorganic activity prioritization - Management stated that all types of opportunities are evaluated individually, with a focus on creating long-term shareholder value through strategic partnerships [68][70]

Private Market Growth & Investor Access - Private markets have significantly expanded over the past 30-40 years, offering capital through venture capital, private equity, and private credit [2][3] - There's substantial investor demand for access to private markets, but SEC regulations have historically posed challenges [3] - The industry aims to collaborate with the Department of Labor to establish guidelines for individual investors to include private funds in their retirement plans [4] Concerns & Safeguards - Key considerations for private funds include valuation, liquidity, and fees [4] - The industry emphasizes the need for fiduciaries to guide individual investors in incorporating these products into long-term savings and retirement plans, ensuring appropriate safeguards [5] - Historically, private companies haven't been included in 401k plans due to differing disclosure requirements compared to public companies [1]

IPO Market & Policy - IPO window is opening, but sustainability is uncertain, requiring policy stability [1][2] - Over 100 IPOs occurred, with 80% higher issuance in the first half of 2025 compared to the previous year, signaling market improvement [2] - Many companies are in "watch and wait" mode, especially regarding trophy assets in private equity, awaiting a clearly established window before launching IPOs [3] - Tariff policies pose a risk to the IPO pipeline, causing investors to adopt a "watch and wait" approach until policy stability is confirmed [3][4] - The market is awaiting clarity on the Fed's path and the implications of tariffs on the economy to ensure stability before fully opening the IPO window [5] Private Markets - Subdued public capital markets have altered behavior in private markets due to limited IPO exits and liquidity [7] - Private equity operates on a cycle of 4-5 years for buying and selling assets, but a bearish cycle has impacted asset sales [7] - Assets bought in the 2019-2022 period in private markets need to be sold, raising questions about how [8][9] - Retail investors are being pitched private market assets based on historical performance, but current performance may differ [10] - Retail investors need to understand the specific private assets they are buying, considering factors like duration and liquidity [11] - Strategies like private credit and secondaries offer shorter durations and quicker returns, attracting retail investors [11][12][13] - Investors should match the liquidity profile of assets with their investment horizon, understanding that long-dated funds have limited short-term liquidity [13][14]