Net revenues at Morgan Stanley’s Global Wealth
Management Group (GWMG) slid 3% in the past three months, or $109m,
from the first quarter to $3.3bn.

Revenues were also down from the second
quarter of 2011 by 4%, or $135m.

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However pre-tax profits were up 1.6%, or $6m,
from the first quarter to $393m. This was a 24% rise, or $76m, from
the second quarter of 2011 ($317m).

GWMG reported $420m income following the
non-controlling interest allocation to Citigroup and also before
taxes.

 

Client assets slide

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Client assets in fee based accounts this
quarter were $526bn, down from $531bn in the first quarter.

The wealth management arm’s 16,934 employees
at quarter end gained average annualised revenue of $775,000, down
1.5% from the first quarter, while total client assets per global
representative stayed at $101m. 

Compensation expenses for the second quarter
was $2bn, down 4.8% from the first quarter, and non-compensation
expenses was $918m, 7.4% less than the same quarter last year.