Investment Management — Non-compensation expenses
Business Segments · Non-compensation expensesMorgan Stanley Investment Management — Non-compensation expenses increased by 4.4% to $684.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 4.6%, from $654.00M to $684.00M. Over 4 years (FY 2021 to FY 2025), Investment Management — Non-compensation expenses shows an upward trend with a 4.3% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase may indicate investment in infrastructure or rising administrative costs, while a decrease suggests successful operational efficiency initiatives.
Detailed definition
Covers all operating costs for the Investment Management segment excluding personnel, such as technology, occupancy, pro...
Peer comparison
Comparable to 'Non-Personnel Operating Expenses' or 'Administrative Expenses' at other financial institutions.
ms_segment_im_non_compensation_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $557.00M | $570.00M | $612.00M | $562.00M | $557.00M | $557.00M | $619.00M | $555.00M | $567.00M | $569.00M | $620.00M | $571.00M | $596.00M | $601.00M | $654.00M | $611.00M | $616.00M | $655.00M | $684.00M |
| QoQ Change | — | +2.3% | +7.4% | -8.2% | -0.9% | +0.0% | +11.1% | -10.3% | +2.2% | +0.4% | +9.0% | -7.9% | +4.4% | +0.8% | +8.8% | -6.6% | +0.8% | +6.3% | +4.4% |
| YoY Change | — | — | — | — | +0.0% | -2.3% | +1.1% | -1.2% | +1.8% | +2.2% | +0.2% | +2.9% | +5.1% | +5.6% | +5.5% | +7.0% | +3.4% | +9.0% | +4.6% |
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Frequently Asked Questions
- What is Morgan Stanley's investment management — non-compensation expenses?
- Morgan Stanley (MS) reported investment management — non-compensation expenses of $684.00M in Q4 2025.
- How has Morgan Stanley's investment management — non-compensation expenses changed year-over-year?
- Morgan Stanley's investment management — non-compensation expenses increased by 4.6% year-over-year, from $654.00M to $684.00M.
- What is the long-term trend for Morgan Stanley's investment management — non-compensation expenses?
- Over 4 years (2021 to 2025), Morgan Stanley's investment management — non-compensation expenses has grown at a 4.3% compound annual growth rate (CAGR), from $2.17B to $2.57B.
- What does investment management — non-compensation expenses mean?
- Operating costs for the Investment Management segment excluding employee pay and benefits.