Morgan Stanley’s Global Wealth Management
Group (GWMG) has posted a 6% revenue increase to $13.4bn, up from
$12.6bn in the twelve months since 31 December 2010.
Pre-tax income at Morgan Stanley’s wealth unit
stood at $244m, a 33% quarter-on-quarter fall and a 37% slump on a
year-on-year basis.
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Morgan Stanley said that its revenue increase
reflected higher asset management and net interest revenues, partly
offset by lower principle trading and investment banking
revenues.
Slight dip in AuM revenue
However, in the final quarter of 2011 Morgan
Stanley’s wealth arm generated total revenue of $3.3bn, a figure
unchanged since 30 September 2011 and 3% less than the $3.4bn
generated in the last quarter of 2010.
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By GlobalDataMorgan Stanley primarily attributed this drop
to lower commissions and investment banking revenues.
Total client assets were $1.6trn at year end,
a 1% drop from 2010, with assets for clients with more than $1m
standing at $1.2trn.
Morgan Stanley said net new assets increased
56% from a year ago to $35.8 bn.
