Morgan Stanley 2003 Annual Report Download - page 18
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Please find page 18 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.8“Ourfocusisonputtingclients
firstandoncreatingquality
products.Theseparately
managedaccountbusiness
isgrowing;we’recommitted
tolong-term,top-quartile
performanceinmajorinvest-
mentdisciplinesoverthe
nextfewyears.”
MitchellMerin
President&ChiefOperatingOfcer,
InvestmentManagement
AssetsunderManagementMutualFundMarketShare*
4
3
2
1
0
2.7%
3.0%
3.3%
200320022001
InvestmentManagement
(DollarsinMillions)
2002 2003 %CHANGE
REVENUES 2,722 2,514 –8%
EXPENSES(INCLUDINGINTEREST) 2,055 2,023 –2%
PROFITBEFORETAXES 667 491 –26%
PROFITBEFORETAXESMARGIN 25% 20% N/A
Source:StrategicInsight
*Includeslong-termopen-endmutualfunds
LipperPercentofAssetsinTopHalf
(TotalAssetsIncludingMoneyMarkets*)
75
50
25
0
57%
62%
56%
64%
71%
75% 75%
70%
1Year 3Year 5Year 10Year
Nov2003
Nov2002
Sources:Lipper,PerformanceLink
*ReflectsrecentchangeinLippermethodology