On the issue of active versus passive investing, Coffee said her wealth management unit uses active when it can’t get the exposure it wants to passive investments.
She mentioned investments in China as one niche where active management is the best option.
Looking at the future of branch offices, Morgan Stanley’s Huneke said they won’t go away, but there will be fewer of them,
He predicted the ones that remain will not be small outposts established to be near clients, but large centers focusing on specific areas of expertise.