Morgan Stanley, a New York-based financial services firm providing investment banking, securities, investment management and wealth management services, has posted a profit of US$668 million in its Wealth Management business in the third quarter of 2013, compared to US$247 million in the same quarter in 2012.
The increase in profit was mainly due to reduced acquisition-related expenses and improved margins from 8% to 19% year on year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The company’s revenue remained flat at US$3.5 billion during the quarter-over-quarter, but increased from US$3.2 billion in the same quarter a year ago. The increase in revenue was primarily due to growth in the fee business.
Morgan Stanley’s overall revenue touched US$7.9 billion in 2013, up from US$5.3 billion in 2012, whereas net income fell from US$1 billion to US$888 million in 2013.
Asset management and administration fees for the company were up by 6% to US$1.9 billion year-on-year, whereas commissions fell 11% to US$507 million in Q3 2013, attributing to slower market activity.
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
