Fee-Based Assets Rise At Morgan Stanley's Wealth Arm

Editorial Staff

18 October 2019

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.