James Gorman

ValueAct likes Morgan Stanley’s shift to asset-light, fee-based businesses such as wealth and investment management, and said CEO James Gorman has shifted the bank to “growing fee streams that do not require much equity capital to grow.”

Executives say it's about more than just robos.

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.