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Morgan Stanley eyes $1 trillion in AUM for asset management unit

Morgan Stanley CEO James Gorman said he wants the company's asset management division to reach $1 trillion in client assets in the next five to seven years, Bloomberg News reported.

Morgan Stanley's asset management unit, which had $469 billion in assets at the end of March, is relatively smaller than those at rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc. that have more than $1 trillion in AUM, according to the news outlet.

At a conference hosted by the Investment Company Institute in Washington, some analysts asked Gorman if Morgan Stanley should make an acquisition to boost AUM, to which he said "transactions in this space are complicated."