Morgan Stanley has attracted over $15 billion in assets from its wealthy clients for its emerging tax strategy business. The US bank is seeking to win more business share from Goldman Sachs and other companies. In the past two years, Morgan Stanley has been increasing its efforts to win more customers who hope to reduce their tax bills by selling stocks at a loss to offset other gains. This strategy, commonly known as tax-loss harvesting, is common in separately managed accounts (SMAs). In addition to reducing tax bills, investors also use SMAs to hold individual securities and express specific preferences, such as favoring environmental, social and governance (ESG) factors.