Morgan Stanley

Good morning. Welcome to Morgan Stanley's third quarter 2025 earnings call. On behalf of Morgan Stanley, I will begin the call with the following information and disclaimers. This call is being recorded. During today's presentation, we will refer to our earnings release and financial supplement, copies of which are available at morganstanley.com. Today's presentation may include forward-looking statements that are subject to risks and uncertainties, that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements in this discussion. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent. I will now turn the call over to Chairman and Chief Executive Officer Ted Pick.

Thank you.

Good morning and thank you for joining us. In the third quarter, Morgan Stanley generated record top and bottom line performance with revenues of 18.2 billion and EPS of 280. Robust returns on tangible of 23.5 percent reflect the operating leverage of the integrated firm. The capital market's flywheel is taking hold as the administration seeks to execute on its three-pronged strategy to reshape the economy with Fed rate cuts likely to continue into next year. Across public and private markets, institutional and retail clients are engaged, seeking trusted advice and global access from investment bankers, financial advisors, and market specialists. From the first quarter of 2024, a top priority for the team has continued to be the reaffirmation of Morgan Stanley's strategy to raise, manage, and allocate capital, and over time to execute on a higher plane when favorable capital markets environments permit. Our business model is activity-based, and while we cannot control the broader economic and market backdrop, the heart of the Morgan Stanley investment thesis remains our delivering earnings and returns durability alongside continued dividend growth through periods of uncertainty. This focus on maintaining earnings durability and driving earnings growth is governed by execution rigor inside the lanes of the priorities outlined in our annual strategy deck. The readout of sequential EPS results during this period underscores ownership of earnings growth and durability against different economic backdrops. 202, 182, 188, 222, 260, 213, and now 280. Morgan Stanley is well positioned in each of our businesses and is demonstrating consistent execution. Total client assets across wealth and investment management are up $1.3 trillion over the last year and have reached $8.9 trillion. In wealth, our scale and client reach continue to drive performance. Reported margins were a full 30 percent. We added $81 billion of net new assets and $42 billion in fee-based flows in the quarter. Investment management continues to scale capabilities with sustained leadership from Parametric. Across all three regions, our institutional securities business delivered outstanding results. Our equities business affirmed its number one position with a standout quarter. A rebound in the investment banking environment reopened the door to strategic M&A and renewed financing activity. The equity underwriting result was also industry leading this quarter, which speaks to the power of our integrated investment bank. With respect to the bank regulatory capital framework, regulators are moving toward a more balanced approach, executing on their prudential oversight responsibilities and more leveling the competitive playing field where the largest, best capitalized financial institutions can once again act as a primary engine to drive sustainable economic growth. Morgan Stanley specifically appreciates the Fed's recent reconsideration of our CCAR results, and we look forward to ongoing dialogue and transparency. Our excess CET1 capital stands at over 300 basis points. Periods of economic and geopolitical uncertainty were to be expected. As we transitioned from the post-pandemic period we called the end of the end of history to a period we now could call the continuation of history, a period in which the push and pull of industrial policy, national identity, and technological innovation will continue to be front of mind for our clients and stakeholders. Morgan Stanley will continue to capture opportunities around the world through cycles, staying close to our clients as they raise, manage, and allocate capital. We're actively investing in the integrated firm across wealth and investment management, institutional securities, and across our bank and infrastructure units. We are deploying capital and expanding capabilities through the wealth funnel and enhancing the global distribution of our asset management offerings. As macro uncertainty and enormous opportunity uncomfortably coexist, our 2025 year-to-date results demonstrate both the capability and the capacity to deliver earnings durability and generate operating leverage against shifting economic and geopolitical backdrops. Morgan Stanley's strategy remains consistent, and our durable earnings and capital strength are clear. The quarter's performance across wealth and investment management alongside the strength across institutional securities in all three regions underscores the proposition of the integrated firm. We are focused on generating strong returns for our shareholders and have real degrees of flexibility to pursue growth opportunities across our core businesses. We are committed to advancing through $10 trillion in total client assets and on to the next phase of Morgan Stanley's growth trajectory. As the firm celebrates its 90th anniversary, we are as ever focused on executing first-class business in a first-class way across the integrated firm for our clients, our shareholders, and our colleagues. Sharon will now take us through the quarter in greater detail.