The chief of one of an investment banking and wealth management giant continues to see a bright future in his asset management business.

"The potential for growing revenues in asset management given the diversification of the base, the range of products and the alternative space and the traditional space and the performance of that business is real," James Gorman, CEO of Morgan Stanley [profile], said yesterday morning on the investment bank's Q2 2018 earnings call, as transcribed by Seeking Alpha. Gorman was responding to a question from Wells Fargo analyst Mike Mayo.

In May Gorman told fundsters at the ICI GMM that asset management is Morgan Stanley's "highest ROE business", that active management will be back, and that he aims to push Morgan Stanley's asset management business to $1 trillion in AUM.

Morgan Stanley reported yesterday that Morgan Stanley Investment Management's (MSIM's) assets under management or supervision rose about nine percent year-over-year to $474 billion on June 30. Asset management revenues rose more than 13 percent year-over-year to $610 million. 

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