Net Revenues Rise At Morgan Stanley's Wealth Arm

Editorial Staff

21 January 2025

The wealth management arm of Morgan Stanley has reported a rise in net revenues for the fourth quarter of 2024 and the whole of that year. Q4 revenue rose to $7.478 billion from $6.645 billion a year before.

For 2024, net revenue rose to $28.42 billion from £26.268 billion, the US-listed firm said in a statement late last week.

Fee-based client assets stood at $2.347 trillion at the end of December 2024, from $1.983 trillion a year before.

Net new assets rose to $56.5 billion in Q4 2024, up from $47.5 billion a year earlier. For all of 2024, net new assets were $251 billion, down from $282 billion in 2023.

The rise in net revenues was caused by strong asset management and transactional revenues.

Across all business divisions, Morgan Stanley said net revenues rose to $16.2 billion in Q4 from $12.9 billion. Provision for credit losses rose in Q4 2024 to $115 million from $3 million; compensation expense rose to $6.289 billion from $5.951 billion. Net income applicable to Morgan Stanley stood at $3.714 billion from $1.517 billion.

The group’s Common Equity Tier 1 ratio was 15.9 per cent at the end of the year.