Morgan Stanley 2000 Annual Report Download - page 6
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This past year was one of solid growth in our securities business despite a slowdown
in the second half. Net revenues increased by 22 percent, with both our institutional
and individual securities businesses reaching record levels. We increased the number
of financial advisors in our individual investor group to almost 14,000—the second
highest in the industry. We continued to expand our global presence, increasing
employees outside the United States by more than 30 percent. Our transaction vol-
ume in announced global M&A deals passed the $1 trillion mark for the second year
in a row, with a market share of 35 percent. We maintained market leadership in
other key categories such as equity and equity-related underwriting. In equity
research, Morgan Stanley Dean Witter ranked first in Institutional Investor’s Year
2000 Global Research Poll for the fourth straight year.
It also was an excellent year for our asset management business, with net income up
52 percent from last year. Two years ago, we began to reorganize our diverse asset
management capabilities, which serve a broad range of both individual and institu-
tional investors. In 2000, asset management reported record net income of
$683 million, and we continued to attract new money from investors despite steep
declines in the broad market indices. Our assets under management at year-end
stood at $502 billion—$30 billion more than a year earlier. One key to growth in
this business is the performance of our mutual funds. This past year, the number
of our funds rated four- or five-star by Morningstar rose from 51 to 65, and we have
the second highest number of U.S. domestic funds receiving Morningstar’s two
highest ratings.
Credit services’ record net income of $726 million reflected the continued growth
of the Discover® Card. Transaction volume climbed by 28 percent this past year to
$90 billion, on the heels of a 22 percent gain in 1999. Our brand is gaining significant
market share of total transaction volume, increasing from 6.6 percent in June 1999
to 7.1 percent in June 2000. In the past year, our growth in receivables also outpaced
most of our competitors, with an increase of 24 percent to a record $47 billion. We
continued to broaden the base of merchants accepting Discover Card by enrolling
670,000 new locations during the year, bringing the total merchant locations now
accepting our card to approximately 4 million.
NET INCOME
(dollars in millions)
EARNINGS PER SHARE
(diluted)
RETURN ON COMMON EQUITY
(in percent)