Morgan Stanley Q1: Pre-tax profit up, revenue
unchanged
Morgan Stanley’s Global Wealth Management
Group (GWMG) delivered pre-tax income of $387m, which was $43m
higher than the first quarter of 2011.
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GWMG reported $313m income after the
noncontrolling interest allocation to Citigroup and before
taxes.
However, it reported net revenues of $3.4bn
with global fee based asset flows of $8.7bn, which remained largely
unchanged from 31 December, 2011.
The wealth management arm’s 17,193 employees
at quarter end achieved average annualized revenue of $787,000
per employee, and total client assets per employee was $101m.
Meanwhile, compensation expense for the
current quarter was $2.1bn, and non-compensation expenses were
$922m.
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