Banks and Capital Markets
Banks and Capital Markets Wealth
Assets under management and client assets are not the same pile of money
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.
Flows are not the same definition
BlackRock net inflows $698B. Schwab core net new assets $519B (5.1% organic). Blackstone inflows $239.4B. Raymond James domestic PCG NNA $52.431B is fiscal 2025 ended September 30. T. Rowe Price net outflows $56.9B. Do not add the bars.
Northern Trust client-asset stocks overlap
Year-end 2025: assets under custody/administration $18.716T, assets under custody $14.889T, assets under management $1.803T. AUC is inside AUC/A. AUM is a different stock. Do not add the rows.
| Stock | Year-end 2025 | Note |
|---|---|---|
| Assets under custody/administration | $18.716T | Firmwide AUC/A; +11% vs year-end 2024 |
| Assets under custody | $14.889T | Inside AUC/A; +12% |
| Assets under management | $1.803T | Not additive to AUC/A; +12% |
Raymond James client assets, two dates
Fiscal year-end September 30, 2025 client AUA was $1.731T. Calendar year-end December 31, 2025 was $1.773T. Private Client Group fee-based assets $1.008T sit inside client AUA. These are administration stocks, not BlackRock-style AUM.
Raymond James and Northern Trust revenue
Raymond James net revenues $14.065B are fiscal 2025 ended September 30, 2025. Northern Trust GAAP total revenue $8.086B is calendar 2025. These are not the same fiscal year as each other or as Visa.
Asset managers near $1.8 trillion
Northern Trust AUM $1.803T. T. Rowe Price AUM $1.776T. Blackstone total AUM $1.275T. These are AUM, not Schwab client assets and not Northern Trust AUC/A. Blackstone fee-earning and perpetual AUM remain on the overlap chart.