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Morgan Stanley to launch AI chatbot to woo wealthy

Economic Times

Economic Times · 1y ago

Morgan Stanley to launch AI chatbot to woo wealthy

Morgan Stanley plans to deploy a generative AI chatbot, developed with OpenAI, to assist its financial advisers. The chatbot will listen to conversations with clients and, with permission, create meeting summaries, draft follow-up emails, update databases, schedule appointments, and offer support on various financial areas. Morgan Stanley sees this AI initiative as a significant advancement, potentially akin to the internet's impact. While it will enhance advisers' capabilities, investment advice will remain a human responsibility. The bank signed a partnership with OpenAI in 2022, with a focus on wealth management product development, aiming to bolster its wealth division, which has seen strong growth.

Related News

Morgan Stanley moves forward on homegrown AI

Livemint

Livemint · 11m ago

Morgan Stanley moves forward on homegrown AI

Morgan Stanley has launched its second generative AI application, AI @ Morgan Stanley Debrief. The tool uses artificial intelligence to summarise video meetings and generate drafts of follow-up emails. The bank opted to develop the solution in-house with OpenAI rather than using off-the-shelf technology. This approach of collaboration with model builders, rather than relying on external providers, is becoming more prevalent in the financial services sector. Morgan Stanley's AI knowledge assistant tool, released in September 2023, helps financial advisers access information from the bank's research.

Are you ultra-rich, rich or merely affluent? It makes a difference for your bank

Livemint

Livemint · 7m ago

Are you ultra-rich, rich or merely affluent? It makes a difference for your bank

Morgan Stanley has found success in the wealth management sector, with its American wealth business now amounting to $4.6 trillion in client assets. In contrast, UBS's US wealth arm, even after merging with Credit Suisse, only has $2 trillion in client assets. UBS has announced plans to restructure its business and focus on catering to less wealthy individuals. However, serving ultra-high net worth clients is a different proposition than serving the mass affluent. Big banks risk being ill-equipped for the technology race in the mass-affluent market.

OpenAI launches enterprise AI adoption guide with real-world use cases

YourStory

YourStory · 2m ago

OpenAI launches enterprise AI adoption guide with real-world use cases

OpenAI, led by Sam Altman, released a guide titled "AI in the Enterprise" to assist organizations in adopting AI tools. The guide shares strategies based on real deployments with clients like Morgan Stanley and Lowe's, focusing on practical applications rather than theory. Key examples include Morgan Stanley's GPT-4-powered tool for financial advisors. The guide emphasizes early investment in AI systems, customization, and continuous evaluation to ensure successful AI integration into business operations.

Morgan Stanley eyes second India infra private equity fund

VCCircle

VCCircle · 1y ago

Morgan Stanley eyes second India infra private equity fund

Morgan Stanley India Infrastructure is preparing to launch its second private equity fund in India, with a target to raise more than double the amount of its previous fund. The firm, which currently manages the North Haven India Infrastructure Fund, is aiming to tap into the country's growing infrastructure sector.

Morgan Stanley latest to downgrade ASML on China, memory, Intel concerns

Economic Times

Economic Times · 9m ago

Morgan Stanley latest to downgrade ASML on China, memory, Intel concerns

Morgan Stanley downgraded earnings estimates for ASML, a computer chip equipment maker, due to weakness in the memory chip market, concerns over demand from Chinese chipmakers, and cutbacks by Intel. ASML's shares have fallen 30% in recent months. However, Morgan Stanley also highlighted the potential for a strong 2025 due to AI-linked demand for ASML's most advanced tools. Deutsche Bank also expressed doubts about ASML's China business, as over-capacity and potential trade restrictions loom. In contrast, Citi remains positive and sees ASML as their top tech pick in Europe.

Tesla supercomputer could boost EV maker's market cap by $600 billion

Economic Times

Economic Times · 1y ago

Tesla supercomputer could boost EV maker's market cap by $600 billion

Morgan Stanley estimates that Tesla's supercomputer, Dojo, designed for training AI models for autonomous cars, could potentially increase the company's market capitalization by nearly $600 billion, or 76%. Tesla began production of Dojo in July and plans to invest over $1 billion in it through next year. The supercomputer may open up new markets beyond vehicle sales by enabling devices with cameras to make real-time decisions based on visual input. Morgan Stanley upgraded Tesla's stock recommendation to "overweight" and raised its 12-18 month target to $400, which could result in a market capitalization of around $1.39 trillion.

Can Morgan Stanley PE’s backing help Clearmedi revive stagnant revenue?

VCCircle

VCCircle · 1y ago

Can Morgan Stanley PE’s backing help Clearmedi revive stagnant revenue?

Morgan Stanley PE is providing financial backing to Clearmedi Healthcare Pvt. Ltd (CHPL), a Delhi-based healthcare provider. Despite running a chain of oncology hospitals and radiation therapy centres, CHPL has experienced stagnant revenue over the past three fiscal years. After two profitable years, CHPL slipped back into losses for FY23. The partnership with Morgan Stanley PE aims to help Clearmedi revive its revenue and navigate its way back to profitability.

Disney names James Gorman to serve as next chairman; anticipates naming new CEO in early 2026

Money Control

Money Control · 8m ago

Disney names James Gorman to serve as next chairman; anticipates naming new CEO in early 2026

Morgan Stanley executive James Gorman has been chosen as the next chairman of The Walt Disney Co, starting in January 2025. He will be succeeding Mark Parker, who has served on Disney's board for nine years. Gorman is currently the chair of Disney's succession planning committee and will step down as executive chairman of Morgan Stanley at the end of this year. Gorman previously served as Morgan Stanley's CEO from 2010 to 2023 and chairman from 2012 to 2023. Disney is expected to name its new CEO in early 2026.

For financial services companies, India’s best market for tech talent: Morgan Stanley executive

Economic Times

Economic Times · 1y ago

For financial services companies, India’s best market for tech talent: Morgan Stanley executive

According to a managing director at Morgan Stanley, India is considered the best market for tech talent due to the high demand for niche skills in the financial services industry. India currently has around 8,000 tech workers, approximately one-third of Morgan Stanley's global tech workforce. The company is actively looking to hire more talent, particularly in areas such as cloud and generative AI. India has played a crucial role in supporting Morgan Stanley's technological advancements, including the development of an AI tool for wealth management advisors. The country's digitization efforts are also seen as transformative for the economy.

PAG, Nuvama Wealth, Blackstone, Warburg Pincus, and Turtlemint in news

VCCircle

VCCircle · 3m ago

PAG, Nuvama Wealth, Blackstone, Warburg Pincus, and Turtlemint in news

PAG has reportedly enlisted JP Morgan and Morgan Stanley to assist with its exit from Nuvama Wealth Management, having acquired a majority stake four years ago. This move might attract private equity firms looking to enter the wealth management sector.

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