NEW YORK–(BUSINESS WIRE)–Oct 16, 2018–Morgan Stanley (NYSE: MS) today appear net revenues of $9.9 billion 1 for the third division concluded September 30, 2018 compared with $9.2 billion a year ago. For the accustomed quarter, net assets applicative to Morgan Stanley was $2.1 billion, or $1.17 per adulterated share, 5 compared with net assets of $1.8 billion, or $0.93 per adulterated share, 5 for the aforementioned aeon a year ago.
Compensation bulk of $4.3 billion added from $4.2 billion a year ago on college revenues. Non-compensation costs of $2.7 billion added from $2.5 billion a year ago primarily on college aggregate apprenticed costs and investments in technology, partly account by lower action costs. 1 The Firm’s bulk ability arrangement for the accustomed division was 71% compared with 73% a year ago. 2
The annualized acknowledgment on boilerplate accustomed disinterestedness was 11.5% and the annualized acknowledgment on boilerplate absolute accustomed disinterestedness was 13.2% in the accustomed quarter. 3
James P. Gorman, Chairman and Chief Controlling Officer, said, “In the aboriginal bisected of the year, we produced able after-effects beyond the franchise.Despite the melancholia summer arrest in the third quarter, we appear solid acquirement and balance advance demonstrating the adherence of the franchise.Year to date, we accept produced an ROE of 13% and ROTCE of 15%.We abide able-bodied positioned and optimistic for the of the year.”
Institutional Balance net revenues added 13% absorption able after-effects in underwriting and solid achievement in M&A advising and sales and trading.Wealth Administration accomplished a pre-tax allowance of 27.1%, 7 absorption continuing operating leverage. After-effects reflect advance in coffer lending and absolute fee-based flows.Investment Administration AUM 8 of $471 billion reflect seven after abode of absolute abiding net flows, 9 with asset administration fees up 6%.
Institutional Balance appear pre-tax assets from continuing operations of $1.6 billion compared with $1.2 billion a year ago. Net revenues for the accustomed division were $4.9 billion compared with $4.4 billion a year ago. 1
Investment Cyberbanking revenues of $1.5 billion added from $1.3 billion a year ago: Advising revenues of $510 actor decreased from $555 actor a year ago on lower levels of completed M&A activity.Equity underwriting revenues of $441 actor added from $273 actor a year ago primarily apprenticed by college revenues on IPOs and convertible offerings.Fixed assets underwriting revenues of $508 actor added from $442 actor a year ago on college accommodation and band fees which benefited from event-related financings.Sales and Trading net revenues of $3.1 billion added from $2.9 billion a year ago: Disinterestedness sales and trading net revenues of $2.0 billion added from $1.9 billion a year ago absorption solid achievement beyond articles with notable backbone in our costs business.Fixed Assets sales and trading net revenues of $1.2 billion were almost banausic from a year ago absorption college revenues in adopted barter and t account by declines in rates.Other sales and trading net losses of $68 actor compared with net losses of $147 actor a year ago absorption lower net allotment costs.Investment revenues of $96 actor added from $52 actor a year ago. After-effects for the accustomed division included a accretion from the disposition of a business accompanying investment.Other revenues of $244 actor added from $143 actor a year ago primarily absorption college revenues associated with accumulated lending activity.Compensation bulk of $1.6 billion added from $1.5 billion a year ago on college revenues. Non-compensation costs of $1.7 billion added from $1.6 billion a year ago on college aggregate apprenticed expenses, partly account by lower action costs. 1
Morgan Stanley’s boilerplate trading Value-at-Risk (VaR) abstinent at the 95% aplomb akin was $42 actor compared with $44 actor from the added division of 2018 and $43 actor in the third division of the above-mentioned year. 10
Wealth Administration appear pre-tax assets from continuing operations of $1.2 billion compared with $1.1 billion in the third division of aftermost year. The quarter’s pre-tax allowance was 27.1%. 7 Net revenues for the accustomed division were $4.4 billion compared with $4.2 billion a year ago.
Asset administration revenues of $2.6 billion added from $2.4 billion a year ago absorption college asset levels and absolute flows.Transactional revenues 11 of $698 actor decreased from $739 actor a year ago apprenticed by lower anchored assets revenues.Net absorption assets of $1.1 billion added 4 percent compared with a year ago primarily apprenticed by advance in coffer lending. Abundance Administration applicant liabilities 12 were $83 billion at division end compared with $78 billion a year ago.Compensation bulk for the accustomed division of $2.4 billion added from $2.3 billion a year ago on college revenues. Non-compensation costs of $790 actor added from $775 actor a year ago absorption connected advance in technology.
Total applicant assets were $2.5 abundance and applicant assets in fee-based accounts were $1.1 abundance at the end of the quarter. Fee-based asset flows for the division were a absolute $16.2 billion.
Wealth Administration assembly of 15,655 produced boilerplate annualized acquirement per adumbrative of $1.1 actor in the accustomed quarter. 13
Investment Administration appear pre-tax assets from continuing operations of $102 actor compared with $131 actor in the third division of aftermost year. Net revenues of $653 actor decreased from $675 actor a year ago. 1
Asset administration revenues of $604 actor added from $568 actor a year ago on college levels of assets beneath management.Investment revenues of $40 actor decreased from $114 actor a year ago. After-effects for the above-mentioned year reflected college agitated absorption accompanying to Infrastructure investments.Compensation bulk for the accustomed division of $269 actor decreased from $311 actor a year ago principally due to a abatement in deferred advantage associated with agitated interest. Non-compensation costs of $282 actor added from $233 actor a year ago primarily apprenticed by allowance and allowance expenses. 1Total assets beneath administration or administration at September 30, 2018 were $471 billion compared with $447 billion a year ago.
As of September 30, 2018, the Firm’s Accustomed Disinterestedness Tier 1 and Tier 1 risk-based basic ratios beneath the absolutely phased-in Connected Approach were about 16.7% and 19.0%, respectively; the absolutely phased-in Added Advantage Arrangement was about 6.4%. 14,15
At September 30, 2018, book bulk and absolute book bulk per accustomed allotment were $40.67 16 and $35.50, 17 respectively, based on about 1.7 billion shares outstanding.
The able tax bulk from continuing operations for the division was 24.4%.
During the division concluded September 30, 2018, the Close repurchased about $1.2 billion of its accustomed banal or about 24 actor shares.
The Board of Directors declared a $0.30 annual allotment per share, payable on November 15, 2018 to accustomed shareholders of almanac on October 31, 2018.
Morgan Stanley is a arch all-around cyberbanking casework close accouterment a avant-garde ambit of advance banking, securities, abundance administration and advance administration services. With offices in added than 41 countries, the Firm’s advisers serve audience accustomed including corporations, governments, institutions and individuals. For added advice about Morgan Stanley, amuse appointment www.morganstanley.com.
A cyberbanking arbitrary follows. Financial, statistical and business-related information, as able-bodied as advice apropos business and articulation trends, is included in the Cyberbanking Supplement. Both the balance absolution and the Cyberbanking Supplement are accessible online in the Investor Relations area at www.morganstanley.com.
The advice provided herein and in the cyberbanking supplement may accommodate assertive non-GAAP cyberbanking measures. The analogue of such measures or adaptation of such metrics to the commensurable U.S. GAAP abstracts are included in this balance absolution and the Cyberbanking Supplement, both of which are accessible on www.morganstanley.com.
This balance absolution may accommodate avant-garde statements including the accomplishment of assertive cyberbanking and added targets, objectives and goals. Readers are cautioned not to abode disproportionate assurance on avant-garde statements, which allege alone as of the date on which they are made, which reflect management’s accustomed estimates, projections, expectations, assumptions, interpretations or behavior and which are accountable to risks and uncertainties that may account absolute after-effects to alter materially. For a altercation of risks and uncertainties that may affect the approaching after-effects of the Firm, amuse see “Forward-Looking Statements” anon above-mentioned Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Altercation and Analysis of Cyberbanking Action and After-effects of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Bazaar Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year concluded December 31, 2017 and added items throughout the Form 10-K, the Firm’s Annual Reports on Form 10-Q and the Firm’s Accustomed Reports on Form 8-K, including any amendments thereto.
1 Able January 1, 2018, the Close adopted new accounting advice accompanying to Acquirement from Contracts with Customers, which amid added things, requires a gross presentation of assertive costs that were ahead netted adjoin net revenues. For the division concluded September 30, 2018, this change in presentation resulted in an access to net revenues and non-compensation costs of $93 million, of which $85 actor was appear in the Institutional Balance articulation and $17 actor in the Advance Administration segment. In addition, the Close included an intersegment aishment of $(9) actor accompanying to intercompany activity. This change in presentation did not accept an appulse on net income. Above-mentioned periods accept not been restated pursuant to this guidance.
2 The Close Bulk Ability Arrangement represents absolute non-interest costs as a allotment of net revenues.
3 Annualized acknowledgment on boilerplate accustomed equity, annualized acknowledgment on boilerplate absolute accustomed disinterestedness and absolute accustomed disinterestedness are non-GAAP cyberbanking measures that the Close considers advantageous for investors and analysts to acquiesce bigger allegory of period-to-period operating achievement and basic adequacy. The adding of acknowledgment on boilerplate accustomed disinterestedness and acknowledgment on boilerplate absolute accustomed disinterestedness uses annualized net assets applicative to Morgan Stanley beneath adopted assets as a allotment of boilerplate accustomed disinterestedness and boilerplate absolute accustomed equity, respectively. Absolute accustomed disinterestedness represents accustomed disinterestedness beneath amicableness and abstract assets net of acceptable mortgage application rights deduction.
4 The Close prepares its Consolidated Cyberbanking Statements application accounting attempt about accustomed in the United States (U.S. GAAP). From time to time, Morgan Stanley may acknowledge assertive “non-GAAP cyberbanking measures” in the advance of its balance releases, balance appointment calls, cyberbanking presentations and otherwise. The Balance and Barter Commission defines a “non-GAAP cyberbanking measure” as a after admeasurement of actual or approaching cyberbanking performance, cyberbanking positions, or banknote flows that is accountable to adjustments that finer exclude, or accommodate amounts from the best anon commensurable admeasurement affected and presented in accordance with U.S. GAAP. Non-GAAP cyberbanking measures appear by Morgan Stanley are provided as added advice to investors and analysts in adjustment to accommodate them with greater accuracy about, or an another adjustment for assessing our cyberbanking condition, operating results, or -to-be authoritative basic requirements. These measures are not in accordance with, or a acting for U.S. GAAP, and may be altered from or inconsistent with non-GAAP cyberbanking measures acclimated by added companies. Whenever we accredit to a non-GAAP cyberbanking measure, we will additionally about ascertain it or present the best anon commensurable cyberbanking admeasurement affected and presented in accordance with U.S. GAAP, forth with a adaptation of the differences amid the non-GAAP cyberbanking admeasurement we advertence and such commensurable U.S. GAAP cyberbanking measure.
5 Includes adopted assets accompanying to the adding of balance per allotment of $93 actor for the third division of 2018 and 2017.
6 Pre-tax assets represents assets (loss) from continuing operations afore taxes.
7 Pre-tax allowance is a non-GAAP cyberbanking admeasurement that the Close considers advantageous for investors and analysts to appraise operating performance. Pre-tax allowance represents assets (loss) from continuing operations afore taxes disconnected by net revenues.
8 AUM is authentic as assets beneath management.
9 Abiding net flows accommodate the equity, anchored assets and alternative/other asset classes and exclude the clamminess asset class.
10 VaR represents the accident bulk that one would not apprehend to exceed, on average, added than bristles times every one hundred trading canicule in the Firm’s trading positions if the portfolio were captivated connected for a one-day period. Added altercation of the adding of VaR and the limitations of the Firm’s VaR alignment is appear in Part II, Item 7A “Quantitative and Qualitative Disclosures about Bazaar Risk” included in the Annual Report on Form 10-K for the year concluded December 31, 2017 (“2017 Form 10-K”). Accredit to folio 7 of Morgan Stanley’s Cyberbanking Supplement accompanying this absolution for the VaR disclosure.
11 Transactional revenues accommodate advance banking, trading, and commissions and fee revenues.
12 Abundance Administration applicant liabilities reflect U.S. Coffer Subsidiaries’ lending and agent banker allowance activity.
13 The boilerplate annualized acquirement per Abundance Administration adumbrative metric represents annualized net revenues disconnected by boilerplate adumbrative headcount.
14 The Firm’s risk-based basic ratios for purposes of free authoritative acquiescence are the lower of the basic ratios computed beneath the (i) connected approaches for artful acclaim accident and bazaar accident risk-weighted assets (“RWAs”) (the “Standardized Approach”); and (ii) applicative avant-garde approaches for artful acclaim risk, bazaar accident and operational accident RWAs (the “Advanced Approach”). At September 30, 2018, the Firm’s ratios are based on the Connected Approach absolutely phased-in rules. Authoritative acquiescence was bent based on basic ratios affected beneath capricious rules until December 31, 2017. For advice on the adding of authoritative basic and ratios for above-mentioned periods, amuse accredit to Part II, Item 7 “Liquidity and Basic Resources – Authoritative Requirements” in the Firm’s 2017 Form 10-K.
15 The Added Advantage Arrangement became able as a basic accepted on January 1, 2018. As such, the Close charge advance a Tier 1 added advantage basic absorber of at atomic 2% in accession to the 3% minimum added advantage arrangement (for a absolute of at atomic 5%), in adjustment to abstain limitations on basic distributions, including assets and banal repurchases, and arbitrary benefit payments to controlling officers. The Firm’s Added Advantage Arrangement utilizes a absolutely phased-in Tier 1 basic numerator of about $70.3 billion and a absolutely phased-in added advantage acknowledgment denominator of about $1.10 trillion.
16 Book bulk per accustomed allotment represents accustomed disinterestedness disconnected by aeon end accustomed shares outstanding.
17 Absolute book bulk per accustomed allotment is a non-GAAP cyberbanking admeasurement that the Close considers to be a advantageous admeasurement of basic capability for investors and analysts. Absolute book bulk per accustomed allotment represents absolute accustomed disinterestedness disconnected by aeon end accustomed shares outstanding.
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