Morgan Stanley 1999 Annual Report Download - page 8

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99 AR |page 6
fixed income securities, commodities and foreign exchange — in markets throughout the
world. This past year we achieved record revenues and net income in our institutional
business, with substantial growth in nearly every category. It also was a record year for our
Private Client Group, which serves more than 4 million individual investor accounts. The
breadth of this business is reflected in 475 branch offices and more than 12,000 financial
advisors. The synergy between the origination capabilities of our institutional securities
business and distribution capabilities of our Private Client Group is illustrated by the large
increases in new equity issue sales to individual investors over the past three years.
In credit services, our Discover Card is a franchise of unique breadth that serves more than
48 million cardmembers and over 3.5 million merchant outlets. One of Discover’s key growth
initiatives this past year was a concerted marketing campaign to expand its merchant network
by emphasizing its cost and services advantage. This resulted in the enrollment of more
than 615,000 new merchant locations, the highest yearly increase in our history. Discover
also added to its cardholder base 5.5 million new accounts and grew transaction volume by
22 percent and managed consumer loans by 17 percent, to $38 billion.
In asset management, our strategy is to offer a full range of funds, international expertise
and asset allocation skills — the “best of our best” — to both our institutional clients and
our retail clients. The scope of this business now includes more than 400 funds and three
well-established distribution channels: relationships with our individual clients through our
financial advisors; relationships with corporations, governments and other institutions through
MSDW Investment Management and Miller Anderson & Sherrerd; and relationships with
millions of investors who purchase our Van Kampen funds through brokers, banks, financial
planners or other financial intermediaries.
99
98
97
96
12.5
9.7
5.5
7.4
WORLDWIDE INITIAL PUBLIC
OFFERINGS MARKET SHARE*
(in percent)
*Thomson Financial Securities Data
99
98
97
96
1,118
950
705
614
NEW ACCOUNTS OPENED IN
PRIVATE CLIENT GROUP
(in thousands)
DISCOVER/NOVUS INCREASE
IN MERCHANT LOCATIONS
(in thousands)
99
98
97
96
615
394
405
419