Morgan Stanley Reports $1.8bn Profit in Q110

Morgan Stanley (MS) reported a $1.8bn net income in Q110, compared to a $17m loss in the previous quarter. Net revenues in Q110 reached $9.1bn, more than tripling the $2.9bn in revenue in Q409. Underwriting revenues from increased market activity pushed gains in investment banking for Morgan Stanley. In Q110, the investment bank generated $887m in revenue, up from $811m last year. It was the second highest rated investment bank in mergers and acquisitions (M&A). Sales and trading netted $4.1bn in revenues, up from $1.4bn at the end of last year. Its global wealth management department delivered $3.1bn in net revenues with $1.6trn in client assets, up $5.8bn from Q409. Its asset management team reported net revenues of $653m, up $22m from a year ago. “We are driving forward key strategic initiatives, including the integration of the Morgan Stanley Smith Barney joint venture, where we saw the highest levels of net new assets since the fall of 2008 and historic lows in financial advisor turnover,” said James Gorman, CEO of Morgan Stanley. “We also made progress in repositioning our asset management business, which delivered positive results for the quarter.” Morgan Stanley reported $212bn in capital for the quarter with a Tier 1 capital ratio of 15%. Total assets under the firm grew 31% from a year ago to $820bn in Q110. Write to Jon Prior.

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