NEW YORK (Reuters) - Morgan Stanley expects several more quarters before credit markets return to more normal activity, and structured credit markets could be challenged for an extended period, the company's chief financial officer said.

Speaking at a conference, Morgan Stanley CFO Colm Kelleher said that investment banking pipelines remain healthy, but gains in private equity and real estate in asset management will likely be lower in the near-term.

(Reporting by Dan Wilchins)