Morgan Stanley's asset management division saw assets fall $2bn (€1.6bn) to $440bn between the end of February and the end of May as equity markets tumbled, according to a filing with the Securities and Exchange Commission.

For the quarter ending May 31, Morgan Stanley's equity assets under management declined almost 2% to $226bn. Fixed income assets increased 1% to $91bn and alternative assets increased 11% to $20bn.