Reports
Wealth Income Steady, Group Figure Drops At Morgan Stanley

The US firm said net income dropped in Q1 but the wealth arm showed a steady result.
Morgan Stanley yesterday reported net revenues of $10.3 billion in the first three months of the year, down from $11.1 billion a year earlier. Net income fell to $2.4 billion from $2.7 billion a year ago, it said.
The US firm’s wealth management arm logged pre-tax income of $1.2 billion, little changed from a year ago. Asset management revenues were $2.361 billion, down from $2.495 billion in Q1 2018.
Fee-based client assets stood at $1.116 trillion at the end of March this year, up from $1.06 trillion a year earlier. There were $14.8 billion of fee-based asset flows in Q1, down from $18.2 billion, it said.
The wealth management business had a pre-tax margin of 27.1 per cent.
“We delivered solid earnings despite a slow start to the year following the turbulent markets in the fourth quarter,” James Gorman, the chief executive, said.