“The underlying business has achieved 30% margins before, and we intend to deliver that return profile again in the long term against a higher base of revenue.”

In context

“r the past three years, and we are relentlessly focused on sustainable growth. We expect NNA growth to continue to vary quarter by quarter, given seasonality and even year to year given market tone and the cadence of migrating workplace assets and attracting assets held away. We are nevertheless confident in our ability to continue to grow and deepen our 18 million relationships with the breadth of our wealth management offering. Over time, our ability to track, deepen and retain client relationships with our differentiated platform allows us to drive revenue growth and operating leverage, enabling 30% margins. Given some of the recent macro headwinds in our continued investments for growth, it's reasonable to expect reported margins to consolidate in the mid-20s range over the near term. The underlying business has achieved 30% margins before, and we intend to deliver that return profile again in the long term against a higher base of revenue. Our wealth platform is complemented by investment management, where we've added a number of new capabilities to our strong public market alpha engines. This business is well aligned to key areas where we see secular growth, including customization such as parametric, private markets and value add credit. At a holistic level, the wealth and investment management business has achieved the kind of scale which enables us to invest in what matters most to clients and to take further market share through cycles. Turning to Slide 5. Morgan Stanley's Institutional Securities Group, our Integrated Investment bank is a preeminent global franchise. Our capability set, extensive client footprint and premier brand put us in a position to be the trusted advisor to every important corporation, public or”