Morgan Stanley’s wealth management arm reported a 12% increase in 2013 fourth quarter revenue compared to the same period in the previous year.
Pre-tax income from the wealth management arm was $709 million, a 12% increase from the $562 million created in 2012’s Q4. Net revenue also saw an increase to $3.7 billion, a $0.4 billion increase from last year.
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In addition, client assets saw a 13% increase compared to 2012, despite closing 45 locations over the year.
James P. Gorman, chairman and CEO of Morgan Stanley, said: "Our fourth quarter results demonstrated the consistency embedded in our business model, as revenues increased year-over-year in all three of our business segments. Importantly, we are continuing to address many of the legal issues from the financial crisis. We look forward to further progress on our strategic goals as we move into 2014 with strength and momentum."
