Reports
Fee-Based Assets Rise At Morgan Stanley's Wealth Arm
The Wall Street firm reported its results for Q3.
Morgan
Stanley yesterday reported that it logged net revenues of
$10.0 billion for the third quarter ended 30 September, up from
$9.9 billion a year ago.
Net income applicable to Morgan Stanley was $2.2 billion, or
$1.27 per diluted share, compared with net income of $2.1
billion, or $1.17 per diluted share, for the same period a year
ago.
At the wealth management business, the firm’s net revenues dipped
to $4.358 billion from $4.399 billion; fee-based assets rose to
$1.186 trillion from $1.12 trillion a year earlier.
The wealth management business chalked up a pre-tax margin of
28.4 per cent, the Wall Street firm said in a
statement.
At the investment management firm, AuM stood at $507 billion, up
from $471 billion a year earlier; net revenues stood at $764
million, from $653 million. Compensation costs in the wealth
business fell to $2.34 billion from $2.415 billion a year
ago.