Morgan Stanley 2003 Annual Report Download - page 17
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Please find page 17 of the 2003 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.7marketshare
Ouroverallmarketshareperformanceinoursecuritiesbusinesseswasthe
strongestever.Ourfull-yearresultsinanumberofthekeycategoriesinclude:
•#1inGlobalEquityTrading
•#2inannouncedGlobalMergers&Acquisitions
•#3inGlobalEquityUnderwriting
•#4inGlobalDebtUnderwriting,aheadofallpeersecuritiescompetitors
•Flatrevenuemarketshareamongretailsecuritiescompanieseven
whilereducingthenumberofournancialadvisorsby1,500from
12,500to11,000
•Ourinternalmeasuresofsharewithourlargestxedincomeclients
indicatepositivesharegainsasourincreasedbreadthofproduct
strengthensourvaluetoclients,especiallyincreditproducts.
Eachoftheaboverankingsrepresentsanimprovementoverlastyear,or
atworst,equalperformancetolastyear.Whatisimpressiveisthebreadth
ofimprovedclientacceptanceofthevalueofourpeople,productsand
services.Ibelieveallofthistracesbacktothestrategyofclientfocus,
which,whilealwaysstrong,hasnowbecomeengravedinourculture
throughouttherm.
Inmostbusinesses
—
andparticularlyinMergers&Acquisitions
—
our
performanceinthesecondhalfoftheyearwasfarbetterthantherst
half.Webelieveourmomentumwithclientsisbuildingaswedemonstrate
tothemeverydaythattheirinterestscomerst.Asthecapitalmarkets
strengthenin2004,weexpecttocontinuestrongmarketshareperformance
andleadershipinallsecuritiesbusinesses.
InInvestmentManagement,wehaddisappointingmarketshareresults
in2003.Ouroverallshareofassetsundermanagementdeclinedfrom
3.0%to2.7%asaresultof:
•Netoutowsofinstitutionalxedincomeassetsasclientsshiftedto
equitiesatatimeourinvestmentperformancewasuncharacteristically
underperformingagainstourbenchmarks.
MorganStanleyAnnualReport2003