Morgan Stanley 2001 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2001 Morgan Stanley annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 29

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29

FOCUS ON CLIENTS
A major accomplishment in 2001 was the continued move
closer to true client centricity in every business. Each busi-
ness has restructured to focus on and better serve our
clients. It is no coincidence that those businesses that
enjoyed the biggest market share gains — institutional
equities, for example — are the ones that have made the
most progress in reorganizing around the client.
As 2002 begins, we are confident the changes made in
2001 will make us more valuable to our clients in every
business. Several examples of excellent client focus
deserve highlighting:
>In the individual investor group, virtually all of our 4 mil-
lion individual clients received a call soon after
September 11 from their financial advisor, many of whom
worked around the clock to stay in touch, provide reas-
surance and continue business.
>Our investment bankers worked with Comcast
Corporation for more than a year designing a successful
plan to complete a merger with AT&T’s cable subsidiary
in a $72 billion transaction.
>Our investment bankers and equity and fixed income cap-
ital markets specialists helped raise $16.4 billion in debt,
$7.3 billion in convertible securities and $5.8 billion in
equity from the IPO of Orange Wireless on behalf of
France Telecom despite the extremely challenging mar-
kets for the telecommunications industry.
>In investment management, our portfolio professionals
achieved superior performance for clients in spite of an
extremely difficult market environment. With 56 of our funds
receiving four or five stars at the close of November 2001,
we had more funds receiving Morningstar’s two highest
ratings than any other full-service firm.
>In credit services, when U.S. mail delivery of payments
was delayed immediately after September 11, Discover
was the only large credit card issuer to suspend cus-
tomer late fees during the disruption of service.
CONTROLLING COSTS
In the three years ending in 2000, our net revenues grew
27 percent per year. Incremental investments and opera-
tions above capacity allowed us to fulfill the extraordinary
2001
2000
1999
1998
35.0
27.3
35.5
27.8
2001
2000
1999
1998
12.0
14.6
12.2
9.7
WORLDWIDE M&A ANNOUNCED TRANSACTIONS*
(Market Share in Percent)
*Thomson Financial
WORLDWIDE INITIAL PUBLIC OFFERINGS*
(Market Share in Percent)
*Thomson Financial
MORGAN STANLEY ANNUAL REPORT 2001 5