Morgan Stanley () is an American multinational financial services corporation headquartered in the Morgan Stanley Building, Midtown Manhattan, New York City. Morgan Stanley operates in 42 countries and has more than 1300 offices and 60,000 employees. According to the Scorpio Partnership Global Private Banking Benchmark the company had 1,454 USD Bn of assets under management (AuM) in 2014, an increase of 17.5% on the 2013 figure. The corporation, formed by J.P. Morgan & Co. partners Henry S. Morgan (grandson of J.P. Morgan), Harold Stanley and others, came into existence on September 16, 1935, in response to the Glass-Steagall Act that required the splitting of commercial and investment banking businesses. In its first year the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. The main areas of business for the firm today are Global Wealth Management, Institutional Securities, and Investment Management.