The wealth management arm of Morgan Stanley has reported pre-tax income from continuing operations of US$767 million for the second quarter of 2014, an increase of 17% compared with US$655 million a year ago.
The quarter’s pre-tax margin was 21%. Net revenues for the current quarter rose to US$3.7 billion from US$3.5 billion a year ago.
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Asset management fee revenues of US$2.1 billion increased from US$1.9 billion a year ago primarily reflecting an increase in fee based assets and positive flows.
During the quarter, transactional revenues dropped to US$991 million from US$1 billion a year ago, reflecting lower commissions and fees and investment banking revenues due to lower underwriting activity in closed-end funds.
Wealth management arm registered a net interest income of US$578 million, an increase from US$446 million a year ago.
Total client assets exceeded US$2 trillion at quarter end. Client assets in fee based accounts of US$762 billion increased by 21% compared with the prior year quarter.
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By GlobalDataFee based asset flows for the quarter stood at US$12.5 billion, the banking group said in a statement.
