The Takeaway: The incredible shrinking Morgan Stanley

Portfolio

A fascinating piece on emerging markets and the “demographic dividend” by UBS’s Bhanu Baweja. (beyondbrics)

Morningstar: Get ready to lose some money in bonds this year. (WealthManagement)

The Biz

Why is Morgan Stanley? (DealBook)

PNC Wealth study finds that American millionaires want their offspring to be self-reliant. Which is adorable because we all know they won’t have to be. Because when you’re working a lot to become a millionaire and can’t be with your children, you must buy their love. I know, it’s a sad paradox. Cheer up, have a BMW. (Financial Planning)

Things not so great at Cantor Fitz these days either. (BusinessWeek)

You wanna talk about an industry game-changer? How about Northern Lights Trust, which is going to allow any advisor to create their own ETF… (ETFdb)

Outliers

This one time, private equity buyers approached Legg Mason but were told to take a hike. True story. (Reuters)

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Disclaimer: Joshua Brown is an investment advisor representative with Fusion Analytics. The content above is for informational purposes only, nothing here should ever be construed as investment advice or a solicitation to trade any securities. Mr. Brown or his firm may be long or short securities mentioned above for client or personal accounts at any time.