Insight Article Desktop Banner
Tales From the Emerging World
Januar 12, 2021

The Top Ten Trends of 2021

Insight Video Mobile Banner
Januar 12, 2021

The Top Ten Trends of 2021

Tales From the Emerging World

The Top Ten Trends of 2021

Share Icon

Januar 12, 2021


From early in the pandemic our sense was that Covid-19 was less likely to “change everything” than to bring more — much, much more — of the same. And so it has, deepening trends that were already underway, most notably expanding the role of government in the economy, and the adoption of digital technology. As these trends develop, the result could well be a radical shift in the profile of global market winners and losers. In many ways, our top ten trends of 2021 look like a mirror image of 2020. 



In 2020 the global economy contracted by 4 percent, the worst downturn since World War II. Yet stocks rose 13 percent worldwide.1 Why this unprecedented market boom in a recession? Three main reasons. Early on, governments and central banks rolled out unexpectedly massive amounts of stimulus to keep businesses alive. Investors quickly came to see the pandemic as a passing storm, not the kind of long-term shock generated by financial crises. As people sheltered at home, they spent less, saved more, and a good chunk of that added savings went into the markets.2 Hence, the strange spectacle of a historic market rally amid the historic economic bust.

What now? Consensus forecasts show that analysts expect both the economy and markets to surge in 2021, but the forces that lifted markets last year are unsustainable. Stimulus campaigns are likely to continue, but not anywhere near the record pace of spending and money printing seen in 2020. The passing of the pandemic is already factored into valuations, which are back to record highs. With vaccines rolling out, and governments reluctant to reimpose lockdowns, savings are likely to come down as people venture back out to barber shops and gyms. The result could be that this year plays out as the opposite of last year, with markets moving sideways amid the economic recovery.


Consumer price inflation has been still for so long, policymakers have come to assume it’s dead, not just sleeping. But the forces that restrained consumer prices are giving way, one by one. Growth in the global working-age population turned negative around 2005, and a declining labor supply tends to increase wages.3 Growth in global trade started to slump after the crisis of 2008, reducing competition.4 Declining productivity is raising business costs, adding to the upward pressure on consumer prices.

That was the situation when the pandemic hit. Policymakers began printing and borrowing money at a record pace, confident they could do so without reviving inflation. It’s been dead for decades, no? We think it’s just sleeping, and is likely to be awakened by our “Four D’s.” Depopulation, deglobalization and declining productivity are all putting upward pressure on consumer prices, and in this environment, rapidly rising debt could be the jolt that reawakens the beast.

DISPLAY 1: Stimulus Is Not Likely to Continue at a Record Pace
Total Government and Central Bank Stimulus Estimates in Response to Crisis (% of GDP)

Source: MSIM, IMF, UBS. Includes on-budget government stimulus data from IMF, off-budget government stimulus (corporate loan guarantees) from UBS and central bank stimulus from UBS. Developed markets aggregate is calculated using median of New Zealand, Australia, South Korea, Japan, Czech Republic, Switzerland, UK, Eurozone, Canada, US. Emerging markets aggregate is calculated using median of Colombia, South Africa, Turkey, Brazil, Mexico, China, India, Vietnam, Philippines, Indonesia



The housing boom in the gloom of 2020 was as unsettling to many as the stock market boom, but there is one big difference. Home prices are more likely to rise from here. For one, inflationary expectations are rising, and investors are turning to assets that are seen as good hedges against inflation. Those include gold, silver and bitcoin, and real estate.

The housing boom was strikingly broad, lifting prices in virtually every developed country at its peak, and in the United States pushing the median price of existing homes above $300,000 for the first time.5 Real estate price dynamics vary widely by country, of course, but there are reasons to believe the boom can last into 2021.

Ninety percent of the world’s central banks have dropped short-term rates to record lows, which has in turn pushed 30-year mortgage rates to record lows — under 3 percent in the U.S., even less in Europe.6 While a likely rise in long-term interest rates could also push up mortgage rates, they are likely to remain near historic lows this year.

On the supply side, home construction cratered after the global financial crisis of 2008, leaving inventories lean when the virus hit. In the United States, the stock of existing single-family homes available for sale is at an all time low, relative to the adult population.7 And the demand pressure from young families fed up with cramped spaces is likely to linger even after the pandemic dies down.


Since the early 1980s, when central banks began to win the war on consumer price inflation, they have gradually lowered the average short-term rate from a peak of 13 percent to 2 percent at the start of 2020.8 And they cut that rate in half during the pandemic.

If you let people borrow virtually for free, they are going to borrow money to make more. The result of increasingly loose monetary policy was a stunning run of asset price inflation. In 1980, the total value of global financial assets including stocks and bonds, was equivalent to 110 percent of global GDP; by 2019 that figure was 390 percent.9 It’s even higher now, after the bull run of 2020.

If and when the return of consumer price inflation compels central banks to tighten again, the run is likely to falter. That tightening is less likely to come first in the form of higher rates than in the form of reduced intervention in the credit markets. The $8 trillion in assets central banks purchased last year was more than twice the previous record, set in 2008, and 40 times what they purchased in 2019.10 Even a partial return to normal could have a sobering effect on markets.


Before the United States, only five countries had held the world’s reserve currency going back to the 15th century: Portugal, Spain, the Netherlands, France and Britain. Those reigns lasted 94 years on average;11 the U.S. dollar is now 100 years old. Advanced age alone was reason enough to wonder about the dollar’s future, when the pandemic hit.

As the United States rolled out trillions in new spending to keep the economy alive, its debts to the rest of the world spiked to 67 percent of its economic output — way above the 50 percent threshold that has often signaled a coming crisis.12 In the past, financial empires, holders of the coveted reserve currency, often faltered when the rest of the world lost confidence that they could pay their bills.

Up to now, U.S. policymakers considered the dollar impregnable, for lack of serious rivals. Trust in the Euro was undermined by doubts about Europe’s fractious multinational government. Trust in the renminbi was undermined by the interventions of a one-party state. The big surprise of 2020 was the emergence of a stateless cryptocurrency as a plausible alternative.13

The hottest investment of the year was Bitcoin, which gained ground both as store of value (a digital option to gold) and a medium of exchange (a digital option to the dollar), with large online payments platforms announcing they would accept payment in Bitcoin. Skeptics still abound, but millennials are nearly ten times more likely to own cryptocurrency than boomers, and younger generations will choose the reserve currency that challenges the dollar.14 It may well be digital.


Commodity prices have declined steadily in real terms since records began, in the 1850s,16 but that long decline is punctuated by boom decades. We may be entering one now.

As government spending threatens to revive inflation and weaken the dollar, those forces could help to revive commodity prices, after a down decade. Going back at least to 1980, a declining dollar tends to boost prices for global commodities, from copper to wheat.17 And so it was that as the dollar began to weaken last year, commodity prices began to climb.

While money printing has driven up the valuations for all manner of assets from stocks to bonds and Bitcoin, commodities are an exception. In relative terms, they look hugely attractive, and have fallen to record low shares of both U.S. and emerging stock markets.8 Moreover, the weak prices during the 2010s led to light investment and supply cuts in everything from oil fields to copper mines. Couple tight supply with rising demand in a post-pandemic recovery, and you have the recipe for a revival in commodity prices.


When commodity prices rise, the many emerging economies that depend on commodity exports tend to do well. That is the first of our top four reasons to expect a comeback for emerging markets, which just suffered their worst decade for returns since records begin in the 1930s.18

Exports and manufacturing are both shrinking as a share of the global economy, which makes it increasingly difficult for emerging nations to follow the old export manufacturing path to prosperity. But a select few are still expanding their share of global exports, led by Vietnam and some of its neighbors in Southeast Asia, and Poland and some of its neighbors in Eastern Europe.19

Emerging countries tend to press tough reform only when their backs are to the wall, and few crises have pressed harder than the global pandemic. Compared to developed countries, emerging countries can’t afford as much stimulus to ease the pain of lockdowns, and have little choice but to tighten their belts in ways that could raise productivity and growth in the future, if not now. The result is a widely overlooked wave of market-oriented reform from India and Indonesia to Brazil, Saudi Arabia and Egypt.

The pandemic is accelerating the adoption of digital technology everywhere, but this revolution is unfolding even faster in emerging countries than developed ones, and delivering a commensurately larger boost to economic growth.20

Today the United States accounts for 25 percent of the global economy and 56 percent of global stock market capitalization; meanwhile, emerging markets account for 36 percent of global GDP, and just 12 percent of global stock market capitalization.10The valuation gap between the U.S. and emerging markets too is at record wide levels.8 And with the growth prospects of emerging economies rising relative to the United States, these extreme balances are likely to shift back toward balance.


The pandemic, as we all know by now, is forcing people to work, play, study and shop online, a huge boon to e-life in all its forms. But where is this transformation most likely to boost economies and markets?

To a surprising degree, less-developed countries are already prematurely well developed as internet societies, in part because their citizens are far less well served by landlines and bricks and mortar stores, banks, hospitals and schools. When they adopt digital services, they are leaving nothing familiar or beloved behind. Of the world’s 30 most digitized economies (by digital revenue as a share of GDP), sixteen are found among the emerging markets, led by China, South Korea, Indonesia and Colombia.20

In this group of 30, digital revenue is growing barely faster than nominal GDP in the developed countries, but much faster in the emerging markets.20 On average, in the emerging markets, digital revenue is growing by 11 percent a year — or 4 points faster than nominal GDP.20 Though digital technologies are lowering the cost of launching and operating business everywhere, this process is fastest where the adoption of digital services is most rapid: the emerging markets. By countering the global decline in productivity, this digital boost is likely to support the emerging market comeback.


Over the last decade, for the most part, investors were drawn to just two countries, the United States and China, and one kind of company, tech giants. That is already starting to change. Monthly active user growth for giant, well-known social media platforms has slowed to single digits, from 40 percent or better early in the last decade.21 E-commerce giants in both countries have made huge gains in recent years, but the market cap of smaller, popular rivals is growing faster.22 It is very possible that some of the challengers will catch up.

The lesson of the past is that tech giants often enable their successors: IBM made Microsoft possible, and today, many internet giants are platforms on which startups thrive. From South Asia to South America, regional challengers are rising up in e-commerce and social media, succeeding by catering more attentively to local taste than the American or Chinese giants can.


It’s no secret that the pandemic has been good for online entertainment. As movie theatres shut their doors, total subscriptions for two popular streaming services rose from 230 million to 315 million in 2020.23 The big question is whether this shift online will slow down or continue when the pandemic passes.

One answer comes from the fate of older forms of home entertainment, which are equally safe from virus-carrying crowds. All else equal, there is no reason that traditional TV channels should not have thrived under lockdown, too.

Instead, among Americans, the long-term decline in the number of traditional TV viewers actually picked up speed in 2020, falling 16 percent.24 And that decline would have been even steeper but for the surge in TV news viewers drawn to the bitter 2020 presidential campaign. So all else is not equal. Digital entertainment is killing the traditional forms, and that shift is likely to continue when the pandemic passes.


There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio.  Please be aware that this portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than the risks generally associated with investments in foreign developed countries. Stocks of small-capitalization companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the Portfolio’s performance. Illiquid securities may be more difficult to sell and value than public traded securities (liquidity risk). Non-diversified portfolios often invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility.


1 MSIM, Bloomberg, Factset, Haver. Data as of January 2021.
2 Federal Reserve Board, Haver. As of December 2020.
3 United Nations as of December 31, 2018.
4 MSIM, World Bank, Haver Analytics. IMF forecasts.
5 MSIM, Haver. Data as of November 2020.
6 NDR as of October 2020; Citi, ECB, Federal Home Loan Mortgage Corporation as of September 2020.
7 Applied Global Macro Research as of October 1, 2020.
8 MSIM, Bloomberg, Factset, Haver. Data as of December 31, 2020.
9 BIS, WFE IMF, McKinsey.
10 MSIM, Bloomberg, Factset, Haver. Data as of December 2020.
11, JP Morgan, HKMA, Erste Group.
12 International Monetary Fund (IMF) - “External Liabilities and Crises.” U.S. data as of 2Q20.
13 Cryptocurrency (notably, Bitcoin) operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. It is not backed by any government. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency.  Cryptocurrency may experience very high volatility.  The Global Emerging Markets strategies do not invest in cryptocurrency.
14 Forbes, July 2020.
15 The commodities markets may fluctuate widely based on a variety of uncontrollable factors such as inflation, weather, political unrest, acts of terrorism, new technologies and even rumors.  Investors in commodities should be able to bear a total loss of their investment.   The Global Emerging Markets strategies do not invest directly in commodities.
16 MSIM, Bloomberg, Factset, Global Insight. Data as of December 31, 2020. Index includes all industrial metals, industrial non-food agricultural commodities and food.
17 CRB Commodity Index, MSIM, Bloomberg, Factset, Haver. As of December 31, 2020.
18 MSIM, Bloomberg, Factset, Haver. Data as of December 31, 2019.
19 United Nations Conference on Trade and Development. As of 2019.
20 MSIM, IMF, Statista. Data as of November 2020.
21 Company data.
22 The Economist, Reuters, as of December 31, 2020.
23 Bloomberg as of 3Q20.
24 UBS, Nielsen NNTV as of November 2020.




Chief Global Strategist
Global Emerging Markets Team

Select Product(s)

Right Click Edit

2021 60 Second Market Outlook: Ruchir Sharma - Emerging Markets Equity Team
Insight thumbnail video icon
Ruchir Sharma, Chief Global Strategist and Head of Emerging Markets, outlines the three primary reasons why markets rallied in 2020 despite economic turmoil.

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all portfolio managers at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific MSIM product.

Certain information herein is based on data obtained from third party sources believed to be reliable. However, we have not verified this information, and we make no representations whatsoever as to its accuracy or completeness.

The information herein is a general communications which is not impartial and has been prepared solely for information and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The material contained herein has not been based on a consideration of any individual client circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Past performance is no guarantee of future results.

This communication is not a product of Morgan Stanley’s Research Department and should not be regarded as a research recommendation. The information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Prior to investing, investors should carefully review the strategy’s / product’s relevant offering document. There are important differences in how the strategy is carried out in each of the investment vehicles.

This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.

Ireland: MSIM Fund Management (Ireland) Limited. Registered Office: The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland. Registered in Ireland as a private company limited by shares under company number 616661. MSIM Fund Management (Ireland) Limited is regulated by the Central Bank of Ireland. United Kingdom: Morgan Stanley Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA, authorised and regulated by the Financial Conduct Authority. Dubai: Morgan Stanley Investment Management Limited (Representative Office, Unit Precinct 3-7th Floor-Unit 701 and 702, Level 7, Gate Precinct Building 3, Dubai International Financial Centre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 709 7158). Germany: MSIM Fund Management (Ireland) Limited Niederlassung Deutschland, Grosse Gallusstrasse 18, 60312 Frankfurt am Main, Germany (Gattung: Zweigniederlassung (FDI) gem. § 53b KWG). Italy: MSIM Fund Management (Ireland)Limited, Milan Branch (Sede Secondaria di Milano) is a branch of MSIM Fund Management (Ireland) Limited, a company registered in Ireland, regulated by the Central Bank of Ireland and whose registered office is at The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited Milan Branch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni Corso Venezia, 16 20121 Milano, Italy, is registered in Italy with company number and VAT number 11488280964. The Netherlands: MSIM Fund Management (Ireland) Limited, Rembrandt Tower, 11th Floor Amstelplein 1 1096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan Stanley Investment Management is a branch office of MSIM Fund Management (Ireland) Limited. MSIM Fund Management (Ireland) Limited is regulated by the Central Bank of Ireland. France: MSIM Fund Management (Ireland) Limited, Paris Branch is a branch of MSIM Fund Management (Ireland) Limited, a company registered in Ireland, regulated by the Central Bank of Ireland and whose registered office is at The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited Paris Branch with seat at 61 rue de Monceau 75008 Paris, France, is registered in France with company number 890 071 863 RCS. Switzerland: Morgan Stanley & Co. International plc, London, Zurich Branch Authorised and regulated by the Eidgenössische Finanzmarktaufsicht (“FINMA”). Registered with the Register of Commerce Zurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002 Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0) 44 588 1074.

U.S.: A separately managed account may not be appropriate for all investors. Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Please consider the investment objectives, risks and fees of the Strategy carefully before investing. A minimum asset level is required. For important information about the investment manager, please refer to Form ADV Part 2.

Please consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectuses contain this and other information about the funds. To obtain   a prospectus please download one at or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Distribution, Inc. serves as the distributor for Morgan Stanley Funds.


Hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong. Singapore: This publication should not be considered to be the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor under section 304 of the Securities and Futures Act, Chapter 289 of Singapore ("SFA"), (ii) to a "relevant person" (which includes an accredited investor) pursuant to section 305 of the SFA, and such distribution is in accordance with the conditions specified in section 305 of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In particular, for investment funds that are not authorized or recognized by the MAS, units in such funds are not allowed to be offered to the retail public; any written material issued to persons as aforementioned in connection with an offer is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and investors should consider carefully whether the investment is suitable for them. This publication has not been reviewed by the Monetary Authority of Singapore. Australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accept responsibility for its contents. This publication, and any access to it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act.

Japan: For professional investors, this document is circulated or distributed for informational purposes only. For those who are not professional investors, this document is provided in relation to Morgan Stanley Investment Management (Japan) Co., Ltd. (“MSIMJ”)’s business with respect to discretionary investment management agreements (“IMA”) and investment advisory agreements (“IAA”). This is not for the purpose of a recommendation or solicitation of transactions or offers any particular financial instruments. Under an IMA, with respect to management of assets of a client, the client prescribes basic management policies in advance and commissions MSIMJ to make all investment decisions based on an analysis of the value, etc. of the securities, and MSIMJ accepts such commission. The client shall delegate to MSIMJ the authorities necessary for making investment. MSIMJ exercises the delegated authorities based on investment decisions of MSIMJ, and the client shall not make individual instructions. All investment profits and losses belong to the clients; principal is not guaranteed. Please consider the investment objectives and nature of risks before investing. As an investment advisory fee for an IAA or an IMA, the amount of assets subject to the contract multiplied by a certain rate (the upper limit is 2.20% per annum (including tax)) shall be incurred in proportion to the contract period. For some strategies, a contingency fee may be incurred in addition to the fee mentioned above. Indirect charges also may be incurred, such as brokerage commissions for incorporated securities. Since these charges and expenses are different depending on a contract and other factors, MSIMJ cannot present the rates, upper limits, etc. in advance. All clients should read the Documents Provided Prior to the Conclusion of a Contract carefully before executing an agreement. This document is disseminated in Japan by MSIMJ, Registered No. 410 (Director of Kanto Local Finance Bureau (Financial Instruments Firms)), Membership: the Japan Securities Dealers Association, The Investment Trusts Association, Japan, the Japan Investment Advisers Association and the Type II Financial Instruments Firms Association.


EMEA: This marketing communication has been issued by MSIM Fund Management (Ireland) Limited. MSIM Fund Management (Ireland) Limited is regulated by the Central Bank of Ireland. MSIM Fund Management (Ireland) Limited is incorporated in Ireland as a private company limited by shares with company registration number 616661 and has its registered address at The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland.

Charts and graphs provided herein are for illustrative purposes only.

The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the applicable European or Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

MSIM has not authorised financial intermediaries to use and to distribute this document, unless such use and distribution is made in accordance with applicable law and regulation. Additionally, financial intermediaries are required to satisfy themselves that the information in this document is appropriate for any person to whom they provide this document in view of that person’s circumstances and purpose. MSIM shall not be liable for, and accepts no liability for, the use or misuse of this document by any such financial intermediary.

The whole or any part of this work may not be directly or indirectly reproduced, copied, modified, used to create a derivative work, performed, displayed, published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without MSIM’s express written consent. This work may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected under copyright and other applicable law.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.


Nutzer müssen die Nutzungsbedingungen lesen und akzeptieren, da in diesen bestimmte gesetzliche und regulatorische Auflagen enthalten sind, die für die Verbreitung von Informationen zu den Anlageprodukten von Morgan Stanley Investment Management gelten.

Die auf dieser Website beschriebenen Dienstleistungen sind unter Umständen nicht in allen Rechtsgebieten oder für alle Kunden verfügbar. Weitere Einzelheiten können aus unseren Nutzungsbedingungen entnommen werden.

Datenschutz    •    Nutzungsbedingungen

©  Morgan Stanley. Alle Rechte vorbehalten.