Morgan Stanley’s wealth management arm registered a pre-tax income from continuing operations of $855m for the first quarter of 2015, up 25% compared with $686m in the corresponding quarter of 2014.
Net revenues stood at $3.8bn, a rise of 6% as against net revenues of $3.6bn posted a year earlier.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Net interest income for the first quarter increased to $689m from $538m a year ago on higher deposit and loan balances.
The group’s asset management fee revenues were $2.1bn, compared to $2bn in the first quarter the last year, reflecting positive fee based asset flows and market appreciation. Total client assets reached $2trn at the end of the first quarter,
Wealth management representatives of 15,915 produced average annualized revenue per representative of $959,000 for the first quarter.
Morgan Stanley chairman and CEO James Gorman said, "This was our strongest quarter in many years with improved performance across most areas of the firm. It reflects our ongoing strategy to build platforms for growth while maintaining a prudent risk profile and disciplined expense management."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
