Morgan Stanley 2003 Annual Report Download - page 21
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Please find page 21 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.9•Weakinowsinretailfromourownbranchnetworkasaresultof
particularlystrongsalesofotherassetmanagementcompanies’products
andpressureonthesaleofafliatedproducts.
Weexpectmarkedlybetternetowsin2004.Ourinstitutionalxed
incomecomparisonstobenchmarkshaveimproved,andourVanKampen
brandmutualfundsarenowenjoyingstronginowsrelatedtoseveralkey
equityfunds’outstandingperformance.
DiscoverCardmarketsharedeclinedbecausewehavefocusedmoreon
improvedcreditqualitythanongrowth.Tighteningcreditapprovalsand
limitsnaturallyreducesgrowthinnewaccountsandreceivables.Wehope
tobeginmoreaggressivegrowthlaterthisyeariftheeconomycontinues
toimprove.
clientrelationships
Thoughthereareanumberoffactorsinoursuccessthisyear,inmyview
oneofthemostimportant
—
certainlyingainingmarketshare
—
wasa
decisionwemadeinlate1999tobringtogetherourmanybusinesses
underasingle,unifyingvision.
Werecognizedthen
—
evenattheheightofthemarkets
—
thatour
futuregrowthdependedonrededicatingourselves
—
and,insomecases,
reorientingourselves
—
totheneedsandgoalsofourclients.Although
ourclientconstituenciesarevaried
—
frominstitutionstogovernmentsto
individuals
—
webelievedthatourmissioninservingthemwasthesame:
toputtheirinterestsaboveourown;tomeasureoursuccessbyhowmuch
wehelptheminachievingtheirs.
Thevisionstatementthatwedevelopedin2000expressesthat
commitment:
“Connectingpeople,ideasandcapital,
wewillbeourclients’rstchoice
forachievingtheirnancialaspirations.”
Thisvisiondrewuponouressentialskillsinconnectingthebrightest
peoplewiththemostpowerfulideasandthecapitaltohelpclientssucceed
ontheirownterms.TheadoptionofthisvisionbyourBoardofDirectors
MorganStanleyAnnualReport2003