Morgan Stanley Ranked #1 U.S. OCIO Provider in Inaugural Chestnut Institute Market Leader Awards

• $246.9B in U.S. OCIO AUM places the Firm at the top of the inaugural Chestnut Solutions Institute OCIO Market Leader Awards.
• Chestnut forecasts $2.6 trillion in new OCIO AUM will be added over the next five years.
• Morgan Stanley OCIO recognized in 7 additional categories.

Morgan Stanley (NYSE:MS) has been ranked the #1 Outsourced Chief Investment Officer (OCIO) provider in the United States with $246.9 billion in U.S. OCIO AUM, according to Chestnut Solutions Institute's inaugural OCIO Market Leader Awards.¹ The distinction recognizes the Firm's industry‑leading scale, capabilities, and commitment to delivering high‑quality investment solutions to institutional clients.

The Institute's accompanying report found that, in 2025, increased OCIO adoption was on the rise: The U.S. market expanded by 16% to $2.5 trillion, representing 75% of total global OCIO AUM, while non-U.S. regions experienced double digit growth. Chestnut forecasts $2.6 trillion in new OCIO AUM will be added over the next five years, to reach $4.38 trillion in the U.S. and $5.78 trillion globally by 2030.¹

Awards were presented to the five largest OCIO providers by 2025 AUM across nine categories. In addition to the #1 U.S. ranking, Morgan Stanley was also recognized across seven other key categories:

• #2 Union/Multi-Employer OCIO – $41.7 billion AUM
• #2 Private Wealth OCIO – $86.7 billion AUM
• #3 Global Corporate DC OCIO – $71.7 billion AUM
• #3 Global Non‑Profit OCIO – $39.4 billion AUM
• #5 Global OCIO (All Mandates) – $278.6 billion AUM
• #5 Insurance OCIO – $5.0 billion AUM
• #5 Public Retirement OCIO – $8.8 billion AUM

"The Chestnut Solutions Institute's new standards represent a watershed moment for the OCIO industry, and we are proud to be there to set a new bar for comparability and transparency," said Sona Menon, Head of OCIO at Morgan Stanley. "Our team remains dedicated to delivering customized, high‑touch OCIO solutions that help clients strengthen governance, enhance long‑term performance, and meet their investment objectives."

"We are humbled to be recognized as the #1 OCIO provider in the United States," said Jeremy France, Head of Institutional Consulting Solutions at Morgan Stanley. "This affirms the trust our clients place in us and the strength of our model—pairing boutique‑level attention with the breadth, depth, and insight of Morgan Stanley. We are committed to delivering solutions built on transparency, rigor, and a deep understanding of our clients' long‑term goals."

"This recognition reflects the differentiated investment capabilities we bring to institutional clients navigating increasingly complex markets," said Lisa Shalett, Chief Investment Officer, Morgan Stanley Wealth Management. "Our OCIO platform draws on the full power of Morgan Stanley's global research, portfolio construction expertise, and risk management tools. We are proud to bring these institutional‑grade capabilities to organizations shaping the future of their communities and industries."

The Chestnut Solutions Institute's Market Leader Awards identify the five largest OCIO providers across nine categories based on 2025 assets under management (AUM). The rankings were released as part of the Institute's 2025 Global OCIO Study, a comprehensive assessment of the global OCIO landscape. The report reflects data from 56 global respondent firms, representing 82% of global OCIO AUM, and provides transparency on mandate structures, asset allocation, provider capabilities, and fee arrangements. Eligibility for the awards was limited to firms that participated in the study, underscoring a commitment to adopting consistent standards and advancing data quality across the OCIO marketplace.

About Morgan Stanley Institutional Consulting Solutions

Institutional Consulting Solutions (ICS) combines the personalized attention of a boutique firm with the global reach and resources of Morgan Stanley, offering comprehensive consulting and fiduciary solutions tailored to a diverse range of clients—including corporations, foundations, endowments, Taft-Hartley plans, healthcare organizations, insurers, and educational, professional, faith-based, and government entities. Leveraging the expertise of the Morgan Stanley Wealth Management Global Investment Committee, ICS provides customized investment strategies, ongoing portfolio monitoring, and rigorous risk analysis to ensure alignment with our clients' unique objectives and risk profiles.

About Morgan Stanley Wealth Management

Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

This has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a Financial Advisor.

When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, "Morgan Stanley") provide "investment advice" regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account ("Retirement Account"), Morgan Stanley is a "fiduciary" as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and/or the Internal Revenue Code of 1986 (the "Code"), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide "investment advice", Morgan Stanley will not be considered a "fiduciary" under ERISA and/or the Code. For more information regarding Morgan Stanley's role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.

Morgan Stanley Wealth Management's Outsourced Chief Investment Officer (OCIO) program, provides a discretionary investment management solution for accounts generally in excess of $25 million in assets. The program's robust investment process includes investment policy statement development and review, customized asset allocation, investment product selection, risk management, disciplined rebalancing and ongoing portfolio monitoring. To learn more about the OCIO program, read the applicable Morgan Stanley Smith Barney LLC ADV brochure and/or brochure supplement, available at www.morganstanley.com/ADV. In the OCIO program, accounts are subject to an annual asset-based fee which is payable quarterly in advance (some account types may be billed differently). In general, the Fee covers all fees or charges of Morgan Stanley (including investment advisory services, brokerage commissions, compensation to Morgan Stanley Financial Advisors and Morgan Stanley custodial charges) except certain costs or charges associated with the account such as any applicable Sub-Manager fees or certain securities transactions, including dealer mark-ups or mark-downs, auction fees, certain odd-lot differentials, exchange fees, transfer taxes, electronic fund and wire transfer fees; charges imposed by custodians other than Morgan Stanley.

Morgan Stanley offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult with your Financial Advisor to understand these differences, or review our "Understanding Your Brokerage and Investment Advisory Relationships" brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf.

This material contains forward-looking statements and there can be no guarantee that they will come to pass.

Diversification and asset allocation do not guarantee a profit or protect against loss in a declining financial market.

This material should not be viewed as investment advice or recommendations with respect to asset allocation or any particular investment.

Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

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