Banks and Capital Markets
Banks and Capital Markets Wealth
AUM and client assets are not the same stock
BlackRock AUM $14.04T. Schwab client assets $11.90T. Morgan Stanley firm client assets $9.3T, of which wealth is $7.4T. T. Rowe Price AUM $1.78T. Blackstone AUM $1.27T. Do not add the bars.
Revenue: segment versus firm
Morgan Stanley Wealth Management $31.8B is a segment. BlackRock $24.2B, Schwab $23.9B, Blackstone $14.5B, and T. Rowe Price $7.3B are firm revenue.
Blackstone: total, fee-earning, perpetual
Year-end 2025: total AUM $1,274.9B, fee-earning $921.7B, perpetual capital $523.6B. These overlap. They do not stack to the total.
