Morgan Stanley was founded in 1935 and is headquartered in New York. It is a global financial services company that provides products and services to its clients, including corporations, governments, financial institutions, and individuals, through its subsidiaries and branches. Morgan Stanley's business includes three main categories: institutional securities, global wealth management, and asset management. Morgan Stanley operates through its headquarters in and around New York, branches throughout the United States, as well as hubs in London, Tokyo, Hong Kong, and other world financial centers. Morgan Stanley's institutional securities business includes capital raising, financial advisory services (including mergers and acquisitions, restructuring, real estate, and project finance), corporate lending, and sales, trading, financing, and market-making activities for equity and fixed income securities and related products (including foreign exchange and commodities), as well as index and risk management analysis, research, and investment activities. The Global Wealth Management division offers brokerage and investment advisory services for various investment vehicles, financial and wealth planning services, annuities and other insurance services, credit and other lending products, cash management services, retirement services, and trust services. The asset management division provides global asset management products and services for equity and fixed income securities and other investments (including hedge funds and composite funds) to institutional and individual clients through retail distribution channels, intermediaries, and Morgan Stanley's institutional distribution channels. It also provides commercial banking services, including real estate, private equity, and infrastructure services.