The wealth management arm of Morgan Stanley recorded net revenues of $6.9bn in Q1 2024, up from $6.55bn year-on-year.

In addition, net new assets for the quarter were $95bn and these were attributed to a positive market environment. A bit more than half of the new net money came from inflows in the family office offering.

Pre-tax income in Q1 2024 for wealth management in Morgan Stanley was $1.8bn, a pre-tax margin of 26.3%.

Asset management went from $3.38bn in Q1 2023 to $3.8bn a year later, reflecting higher asset levels and the effect of positive fee-based flows.

Morgan Stanley in Q1 2024

Morgan Stanley as a whole reported net revenues of $15.1bn in Q1 2024, up from $14.5bn a year ago.

Furthermore, net income was $3.4bn, or $2.02 per diluted share, compared with net income of $3bn, or $1.70 per diluted share, for the same period a year ago.

Investment Management results reflected net revenues of $1.4bn on higher average AuM of $1.5trn. The quarter included positive long-term net flows of $7.6bn.

Ted Pick, chief executive officer, said: “In the first quarter of 2024, Morgan Stanley generated net revenues of $15bn and earnings of $2.02 per share for a 20% return on tangible equity. As a result of strong net new asset growth, the Firm has reached $7trn of client assets across Wealth and Investment Management. Institutional
Securities also saw strength across the markets and underwriting businesses. The Morgan Stanley Integrated Firm model is delivering durable results.”