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Equity Method Investments
 9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
Equity Method Investment Balances
$ in millions
At
September 30,
2019
At
December 31,
2018
Investments
$
2,391

$
2,432

 
Three Months Ended
September 30,
Nine Months Ended
September 30,
$ in millions
2019
2018
2019
2018
Income (loss)
$
(13
)
$
8

$
(39
)
$
62


Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheets with related income or loss included in Other revenues in the income statements. See “Net Asset Value Measurements—Fund Interests” 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 carried interest.
Japanese Securities Joint Venture
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
$ in millions
2019
2018
2019
2018
Income (loss) from investment in MUMSS
$
(4
)
$
17

$
5

$
99


The Firm and Mitsubishi UFJ Financial Group, Inc. (“MUFG”) formed a joint venture in Japan comprising their respective investment banking and securities businesses by forming two joint venture companies, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”) (the “Joint Venture”). The Firm
owns a 40% economic interest in the Joint Venture and MUFG owns the other 60%.
The Firm’s 40% voting interest in MUMSS is accounted for under the equity method within the Institutional Securities business segment, and is included in the equity method investment balances above. The Firm consolidates MSMS into the Institutional Securities business segment, based on its 51% voting interest.
The Firm engages in transactions in the ordinary course of business with MUFG and its affiliates, for example investment banking, financial advisory, sales and trading, derivatives, investment management, lending, securitization and other financial services transactions. Such transactions are on substantially the same terms as those that would be available to unrelated third parties for comparable transactions.