Investment Management — Noninterest Expense
Business Segments · Noninterest ExpenseMorgan Stanley Investment Management — Noninterest Expense decreased by 2.7% to $1.25B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 1.9%, from $1.23B to $1.25B. Over 4 years (FY 2021 to FY 2025), Investment Management — Noninterest Expense shows an upward trend with a 2.7% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
An increase suggests rising operational costs, which should be evaluated against revenue growth to determine if the segment is maintaining its margins.
Detailed definition
The sum of all operating expenses incurred by the Investment Management segment, including both compensation and non-com...
Peer comparison
Comparable to 'Total Operating Expenses' in segment reporting for global investment banks.
ms_segment_im_noninterest_expenseHistorical 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 | $1.27B | $1.08B | $1.24B | $1.11B | $1.16B | $1.05B | $1.25B | $1.12B | $1.11B | $1.10B | $1.20B | $1.14B | $1.16B | $1.20B | $1.23B | $1.28B | $1.23B | $1.29B | $1.25B |
| QoQ Change | — | -14.9% | +14.8% | -10.9% | +5.0% | -9.5% | +18.5% | -9.9% | -1.1% | -1.4% | +9.5% | -5.3% | +2.5% | +2.7% | +2.8% | +4.1% | -3.9% | +4.7% | -2.7% |
| YoY Change | — | — | — | — | -8.6% | -2.9% | +0.3% | +1.4% | -4.4% | +4.1% | -3.8% | +1.2% | +4.8% | +9.1% | +2.5% | +12.6% | +5.6% | +7.7% | +1.9% |
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Frequently Asked Questions
- What is Morgan Stanley's investment management — noninterest expense?
- Morgan Stanley (MS) reported investment management — noninterest expense of $1.25B in Q4 2025.
- How has Morgan Stanley's investment management — noninterest expense changed year-over-year?
- Morgan Stanley's investment management — noninterest expense increased by 1.9% year-over-year, from $1.23B to $1.25B.
- What is the long-term trend for Morgan Stanley's investment management — noninterest expense?
- Over 4 years (2021 to 2025), Morgan Stanley's investment management — noninterest expense has grown at a 2.7% compound annual growth rate (CAGR), from $4.54B to $5.05B.
- What does investment management — noninterest expense mean?
- The total operating costs incurred to run the Investment Management segment.