Morgan Stanley reported third-quarter results on 16 October 2024, with net revenues of $15.4 billion — a 16% increase on the same period a year earlier. Earnings per share came in at $1.88, and the firm posted a return on tangible common equity of 17.5%.
Wealth Management recorded revenues of $7.3 billion — the highest quarterly total in the division's history. Wealth Management client assets reached $6 trillion.
WEALTH MANAGEMENT
Wealth Management's net interest income fell from a year earlier on lower average sweep deposits, partly offset by higher investment-portfolio yields and lending growth.
INVESTMENT MANAGEMENT
Morgan Stanley's Investment Management arm reported assets under management of $1.6 trillion, supported by positive long-term net flows of $7 billion in the quarter.
The firm's ROTCE was 17.5% (18.2% for the first nine months), against management's 20% target. Chief executive Ted Pick said the firm had reported a strong third quarter 'in a constructive environment across our global footprint'.