Morgan Stanley’s Global Wealth Management Group has reported pre-tax income from continuing operations of $597 million for the first quarter of 2013 compared with $403 million in the year ago quarter.
The divisison’s net revenue for the quarter was $3.5 billion compared with $3.3 billion a year ago.
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The unit’s asset management fee revenues of $1.9 billion increased 8% from last year’s first quarter primarily reflecting an increase in fee based assets and positive flows.
Total client assets at quarter end were $1.8 trillion. Client assets in fee based accounts were $621 billion, or 35% of total client assets. The bank said that fee based asset flows for the quarter were $15.3 billion.
Asset Management
Asset Management division reported pre-tax income from continuing operations of $187 million compared with $128 million in last year’s first quarter. The quarter’s pre-tax margin was 29%.
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By GlobalDataNet revenues was $645 million, an increase of 21% from the prior year.
Assets under management or supervision at 31 March 2013 of $341 billion increased from $304 billion a year ago primarily reflecting market appreciation and positive flows.
Overall, Morgan Stanley group reported net revenues of $8.2 billion for the first quarter compared with $6.9 billion a year ago. Income from continuing operations applicable was $1 billion compared with a loss of $79 million, for the same period a year ago.
