Morgan Stanley wants to expand its assets management unit to $1 trillion, meaning by this number a value of clients’ assets under management, Bloomberg informs. Today this unit is the smallest among bank’s three major divisions. Assets under management value at $469 billion.

Investors’ switch to passive strategies resulted in a whole wave of mergers in assets management sector, since market participants had to increase scale and cut costs.

Assets management business of Morgan Stanley today is much smaller that the similar business of main rivals, such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. They have more than $1 billion assets under management.

Bank views this direction as the main one for future growth. In 2008 value of assets under management at Morgan Stanley was more than $600. However, part of this business was sold after financial crisis. Since then bank had difficulties with developing in this direction. The goal to reach $500 billion in assets set in 2016 is not achieved up to now.

Last year bank made a few small acquisitions to expand its business.