Morgan Stanley 1999 Annual Report Download - page 12

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99 AR |page 10 transactions for Pemex, the Mexican oil company. In Japan, we lead-managed an innovative
$5.6 billion equity offering for East Japan Railway and arranged for the first-ever securitiza-
tion of non-performing real estate loans.
The dot-com phenomenon in the United States was another major trend in 1999. More than
300 technology companies went public this past year, raising more than $33 billion in capital.
MSDW played a central role as the number one underwriter of technology IPOs in the United States
and worldwide, working with leaders such as Amazon.com, eBay and Priceline.com. We were
the lead-manager in the $2.2 billion IPO for Agilent Technologies, a subsidiary of Hewlett-Packard,
and the $2.8 billion secondary offering for Nextel Communications. In an active market for
technology mergers and acquisitions, we were the advisor in a number of prominent transactions,
including the sale of Broadcast.com to Yahoo! and the acquisition of Netscape by America Online.
In addition, as the year 2000 began, we became an advisor in what is perhaps the most widely
heralded “new economy” combination to date — the proposed merger of Time Warner and
America Online.
COMMITMENT TO ADDING VALUE
Morgan Stanley Dean Witter has the resources, the commitment, the people and
the technology to provide virtually any client in almost any country the combination
of products, services and advice to find the best solution for that client’s financial
needs. Our future growth is linked to this basic value proposition.
There are countless examples of how this past year Morgan Stanley Dean Witter brought the
firm’s broad resources to bear to meet the particular needs of our clients. One notable example,
with far-reaching implications, was the launch in October of ichoice for individual investors.
99
98
97
96
5.5
2.5
3.3
4.7
NEW ACCOUNTS OPENED IN
DISCOVER FINANCIAL SERVICES
(in millions)
99
98
97
96
8.1
6.7
5.7
6.9
WORLDWIDE INVESTMENT GRADE
DEBT UNDERWRITING MARKET SHARE*
(in percent)
*Thomson Financial Securities Data
99
98
97
96
425
376
338
278
ASSETS UNDER MANAGEMENT
OR SUPERVISION
(in billions of U.S. dollars)