BasisRoute my position

Parametric (Morgan Stanley)

Custom Core

Open

Claim this listingManager's website
Assets
$254B
Fee a year
0.35%–0.40%
Minimum
$250K
Tracking error
Not disclosed
Accounts
126,000
Open to
Anyone
Lock-up
None
Holdings
Not disclosed
Benchmark
Not disclosed
Custodians
Not disclosed
Access
Through an advisor, on advisor platforms
Launched
Not disclosed
Assets, in detail
As of 2024-12. Cerulli gives Morgan Stanley $253.5B in direct indexing assets at year-end 2024, the largest of any provider (InvestmentNews, 2025-04-10). Parametric runs this business for Morgan Stanley. Morgan Stanley's 2025 annual report says Parametric is No. 1 in retail direct indexing (Cerulli, 4Q 2025). The Custom Core factsheet gives $476B+ in custom SMAs, equity and fixed income, and 126,000+ Custom Core portfolios (2025-12-31).
Fee schedule
Standard schedule in Parametric's Form ADV Part 2A (2026-04-21): 0.35% for Custom Core Equity (Domestic) and 0.40% for Custom Core Equity (Non-U.S.). Fees are negotiable. In a wrap program, the sponsor sets the total fee.
Tracking error, method
Not disclosed.
Capacity and queue
Parametric's Form ADV Part 2A (2026-04-21) gives a $250,000 standard minimum for Custom Core Equity, negotiable. Press reports say some wrap and UMA programs accept $100,000.

Parametric (Morgan Stanley), all products

  • 2024-12$384BParametric custom SMAs, equity and fixed income, $384B+ (provider-level)
  • 2025-06$418BParametric custom SMAs, equity and fixed income, $418B+ (provider-level)
  • 2025-12$476BParametric custom SMAs, equity and fixed income, $476B+ (provider-level)

Sources

Checked 2026-10. Confidence: medium.

Where to get it

The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.

ThroughTheir feeAll-in feeMinimumOnboarding and queueStatus
Morgan Stanley Wealth ManagementWirehouseNot disclosedNot disclosed$250KEaton Vance does not publish closing dates.Unknown

Other direct indexing