Morgan Stanley is a global financial services company engaged in investment banking, securities, investment management and wealth management services. It provides products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals through its subsidiaries and affiliates. The company also provides investment banking, capital raising, financial advisory and corporate lending services. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. The Institutional Securities segment includes capital raising; financial advisory services, including advice on mergers and acquisitions, restructurings, real estate and project finance; corporate lending; sales, trading, financing and market-making activities in equity and fixed income securities and related products, including foreign exchange and commodities; and investment activities. The Global Wealth Management Group provides brokerage and investment advisory services to individual investors and small-to-medium sized businesses and institutions covering various investment alternatives; financial and wealth planning services; annuity and other insurance products; credit and other lending products; cash management services; retirement services; and trust and fiduciary services. The Asset Management segment provides global asset management products and services in equity, fixed income and alternative investments. It also includes hedge funds and funds of funds, and merchant banking, which includes real estate, private equity and infrastructure, to institutional and retail clients through proprietary and third-party distribution channels. The company was founded by Harold Stanley and Henry S. Morgan in 1935 and is headquartered in New York, NY.