The historic SpaceX initial public offering was good for Morgan Stanley's investment banking division. The firm's wealth division also got a boost from IPOs.
Morgan Stanley's wealth division raked in $148 billion in net new assets in the second quarter, over half of which the firm said was related to IPOs of companies that use the firm's workplace investing platform. Many SpaceX employees who had stakes in the rocket maker saw their wealth boom when the company went public.
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