Morgan Stanley 2003 Annual Report Download - page 33

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Morgan฀Stanley฀Annual฀Report฀2003
Investment฀Management
Morgan฀Stanley฀Investment฀Management฀has฀grown฀to฀be฀
one฀of฀the฀largest฀asset฀managers฀with฀global฀reach฀in฀the฀
world฀today,฀offering฀a฀diverse฀range฀of฀investment฀prod-
ucts฀managed฀by฀top฀investment฀professionals฀focused฀
within฀their฀areas฀of฀expertise.฀Products฀include฀many฀highly฀
rated฀U.S.฀and฀international฀bond,฀equity,฀money฀market฀and฀
multi-asset฀class฀funds,฀separately฀managed฀accounts฀and฀
alternative฀investments฀that฀are฀distributed฀in฀multiple฀chan-
nels฀and฀markets฀under฀two฀distinct฀brands.฀Our฀portfolio฀
managers฀and฀research฀analysts฀are฀located฀throughout฀the฀
world,฀enhancing฀investment฀capabilities฀through฀a฀combina-
tion฀of฀global฀information฀sharing฀and฀local฀decision฀making.
฀ Individual฀Investors
Affiliated฀Channel฀ — ฀Morgan฀Stanley฀Investment฀Management฀
reaches฀individual฀investors฀through฀our฀affiliated฀network฀of฀
financial฀advisors฀who฀offer,฀among฀a฀range฀of฀product฀pro-
viders,฀Morgan฀Stanley฀and฀Van฀Kampen-branded฀products.
Third-Party฀Channels฀ — ฀Morgan฀Stanley฀Investment฀
Management฀also฀offers฀investment฀products฀under฀affiliated฀
brands,฀including฀Van฀Kampen฀(in฀the฀United฀States),฀through฀
a฀diversified฀network฀of฀broker-dealers,฀banks,฀insurance฀
companies฀and฀financial฀planners฀throughout฀the฀world.฀Our฀
products฀are฀packaged฀in฀mutual฀funds,฀variable฀annuities,฀
separately฀managed฀accounts฀and฀offshore฀funds฀(SICAVs)฀
and฀are฀included฀in฀401(k),฀IRA฀and฀asset฀allocation฀platforms.
฀ Institutional฀Investors
Institutional฀investors,฀including฀pension฀plans,฀corporations,฀
nonprofit฀organizations,฀governmental฀agencies,฀insurance฀
companies฀and฀banks,฀are฀serviced฀through฀a฀global฀propri-
etary฀sales฀force฀and฀a฀team฀dedicated฀to฀covering฀the฀
investment฀consultant฀industry.
Credit฀Services
With฀more฀than฀50฀million฀Cardmembers,฀Discover®฀Card฀is฀
one฀of฀the฀largest฀issuers฀of฀general฀purpose฀credit฀cards฀
in฀the฀U.S.฀The฀Discover฀Card฀is฀accepted฀on฀the฀Discover฀
Business฀Services฀Network,฀the฀largest฀proprietary฀credit฀card฀
network฀in฀the฀U.S.,฀with฀more฀than฀4฀million฀merchant฀and฀
cash฀access฀locations.
Discover฀Card฀offers฀various฀products฀and฀financial฀services,฀
including฀Cashback฀Bonus®฀awards,฀Discover฀Platinum,฀Gold฀
and฀Titanium฀cards,฀affinity฀cards,฀gift฀cards,฀home฀loans฀and฀
credit฀protection฀products.
This฀year,฀a฀new฀series฀of฀Discover฀Platinum฀Cashback฀Bonus฀
Plus฀Cards฀was฀introduced,฀which฀allows฀Cardmembers฀to฀earn฀
awards฀of฀up฀to฀10%.฀In฀addition,฀The฀Miles฀Card฀from฀Discover฀
Card฀was฀launched,฀enabling฀Cardmembers฀to฀earn฀one฀mile฀
for฀every฀dollar฀they฀spend,฀which฀is฀redeemable฀for฀travel฀on฀
any฀major฀domestic฀airline.฀
The฀Discover฀2GO®฀Card฀continues฀to฀be฀well-received฀by฀
consumers.฀The฀Card฀was฀launched฀in฀2002฀as฀the฀first฀key฀
chain฀credit฀card฀in฀the฀industry.฀
Discover฀Card฀is฀a฀leading฀credit฀card฀company฀on฀the฀Internet,฀
with฀more฀than฀12฀million฀Cardmembers฀registered฀at฀the฀
Discover฀Card฀Account฀Center.฀Discover฀Cardmembers฀can฀
view,฀sort฀and฀download฀their฀monthly฀statements฀online฀and฀
can฀also฀redeem฀their฀Cashback฀Bonus฀awards฀and฀enroll฀for฀
paperless฀statements.
With฀more฀than฀1฀million฀Morgan฀Stanley฀Card®฀credit฀cards฀
in฀the฀U.K.฀and฀$2฀billion฀in฀consumer฀loans,฀our฀overseas฀
credit฀card฀business฀continues฀to฀grow฀and฀turned฀profitable฀
in฀2003.
In฀2003,฀more฀than฀$5฀billion฀of฀mortgages฀were฀originated,฀
primarily฀through฀Morgan฀Stanley฀financial฀advisors.
Investment฀Management฀Net฀Income
(Dollars฀in฀Millions)
Credit฀Services฀Net฀Income
(Dollars฀in฀Millions)
2003
2002
2001
2000
$326
$418
$425
$612
2003
2002
2001
2000
$688
$760
$689
$725