Equity Method Investments

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures

Equity Method Investments

8.Equity Method Investments

Overview

Equity method investments other than certain investments in funds are summarized below and included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See the Measured Based on Net Asset Value table in Note 3 for the carrying value of the Firm’s fund interests, which are comprised of general and limited partnership interests, as well as any related performance fees in the form of carried interest.

Equity Method Investment Balances
$ in millions	At March 31, 2018		At December 31, 2017
Investments	$	2,662	$	2,623

	Three Months Ended March 31,
$ in millions	2018		2017
Income (loss)	$	50	$	9

Japanese Securities Joint Venture

Included in the equity method investments is the Firm’s40% voting interest in Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”). Mitsubishi UFJ Financial Group, Inc. (“MUFG”)holds a 60% voting interest. The Firm accounts for its equity method investment in MUMSS within the Institutional Securities business segment.

	Three Months Ended March 31,
$ in millions	2018		2017
Income from investment in MUMSS	$	56	$	48