Morgan Stanley 2004 Annual Report Download - page 7

12
9
6
3
0
10.1%
2000
10.3%
2001
10.2%
2003
10.7%
2004
RANK: 3 RANK: 4 RANK: 3
7.9%
2002
RANK: 4
RANK: 1
Source: Thomson Financial
Institutional฀Securities
(Dollars฀in฀Millions)
฀ ฀ ฀ %฀
฀2003฀ 2004฀ CHANGE
NET฀REVENUE฀ $฀11,211฀ $฀13,063฀ 17%
NON-INTEREST฀EXPENSES฀ 7,566฀ 8,966฀ 19%
PROFIT฀BEFORE฀TAXES฀ 3,645฀ 4,097฀ 12%
PROFIT฀BEFORE฀TAXES฀MARGIN฀ 31%฀ 31%฀ N/A
Institutional฀Securities
Global฀Equity฀and฀Equity-Related฀
Underwriting฀Market฀Share฀(%)฀and฀
Rank฀(#)
(Calendar฀Year)
Global฀Completed฀M&A฀฀
Market฀Share฀(%)฀and฀Rank฀(#)
(Calendar฀Year)
Global฀Debt฀Market฀Share฀(%)฀and฀
Rank฀(#)
(Calendar฀Year)
40
30
20
10
0
39.3%
2000
30.2%
2001
19.2%
2003
25.4%
2004
RANK: 2
RANK: 2
RANK: 3
28.3%
2002
RANK: 2
RANK: 2
Source: Thomson Financial
8
6
4
2
0
6.1%
2001
6.9%
2002
7.4%
2003
6.9%
2004
RANK: 7
7.8%
2000
RANK: 5
RANK: 5
RANK: 3
RANK: 2
Source: Thomson Financial
Global฀Equity฀and฀Equity-Related
U.S.฀public,฀Rule฀144a,฀domestic฀and฀international฀equity฀and฀equity-related฀markets
(Dollars฀in฀Billions)
฀2004฀ Market฀Share
Manager฀ Amount฀ 2004฀ 2003
Morgan฀Stanley฀ $54.3฀ 10.7%฀ 10.2%
Goldman฀Sachs฀ 51.3฀ 10.2฀ 11.9
Citigroup฀ 47.9฀ 9.5฀ 10.5
Merrill฀Lynch฀ 43.3฀ 8.6฀ 7.9
UBS฀ 36.7฀ 7.3฀ 7.4
JPMorgan฀ 30.6฀ 6.1฀ 8.2
Deutsche฀Bank฀ 26.6฀ 5.3฀ 5.7
Credit฀Suisse฀F.B.฀ 24.4฀ 4.8฀ 5.6
Lehman฀Brothers฀ 21.0฀ 4.2฀ 3.7
Nomura฀ 16.2฀ 3.2฀ 3.1
TOP฀10฀TOTALS฀ $352.3฀ 69.9%฀ 74.2%
INDUSTRY฀TOTAL฀ $506.8฀ 100.0%฀ 100.0%
Source:฀Thomson฀Financial
Global฀Debt
U.S.฀public,฀Rule฀144a,฀domestic฀and฀international฀debt฀markets
(Dollars฀in฀Billions)
฀2004฀ Market฀Share
Manager฀ Amount฀ 2004฀ 2003
Citigroup฀ $486.8฀ 9.4%฀ 10.2%
Morgan฀Stanley฀359.5฀ 6.9฀ 7.4
JPMorgan฀ 355.8฀ 6.9฀ 7.4
Lehman฀Brothers฀ 349.1฀ 6.7฀ 7.0
Credit฀Suisse฀F.B.฀ 337.6฀ 6.5฀ 6.5
Merrill฀Lynch฀ 331.0฀ 6.4฀ 7.2
Deutsche฀Bank฀ 307.6฀ 5.9฀ 6.0
UBS฀ 263.0฀ 5.1฀ 5.3
Goldman฀Sachs฀ 234.9฀ 4.5฀ 5.1
Banc฀of฀America฀ 195.0฀ 3.8฀ 3.9
TOP฀10฀TOTALS฀ $3,220.3฀ 62.1%฀ 66.0%
INDUSTRY฀TOTALS฀ $5,192.9฀ 100.0%฀ 100.0%
Source:฀Thomson฀Financial
Initial฀Public฀Offerings฀of฀Stock
Global฀offerings฀by฀U.S.฀issuers,฀ranked฀by฀2004฀proceeds
(Dollars฀in฀Billions)
฀ 2004฀ 2003
฀ ฀ Market฀ ฀ ฀ Market฀
Manager฀ Proceeds฀ Share฀ Proceeds฀ Rank฀ Share
Morgan฀Stanley฀ $7.3฀ 16.3%฀ $1.2฀ 5฀ 8.9%
Goldman฀Sachs฀ 7.1฀ 15.8฀ 2.7฀ 1฀ 18.9
Merrill฀Lynch฀ 4.5฀ 10.1฀ 1.3฀ 4฀ 9.0
JPMorgan฀ 4.0฀ 8.8฀ 0.2฀ 16฀ 1.1
Citigroup฀ 3.6฀ 8.1฀ 2.1฀ 2฀ 14.7
Credit฀Suisse฀F.B.฀ 3.6฀ 8.0฀ 1.1฀ 6฀ 7.8
Friedman฀Billings฀Ramsey฀ 3.1฀ 7.0฀ 1.6฀ 3฀ 11.7
Lehman฀Brothers฀ 2.4฀ 5.3฀ 0.6฀ 8฀ 4.2
UBS฀ 2.3฀ 5.1฀ 0.5฀ 9฀ 3.4
Banc฀of฀America฀ 1.5฀ 3.3฀ 0.7฀ 7฀ 5.0
TOP฀10฀TOTALS฀ $39.4฀ 87.8%฀ $12.0฀ ฀ 84.7%
INDUSTRY฀TOTAL฀ $44.8฀ 100.0%฀ $14.1฀ ฀ 100.0%
Source:฀Thomson฀Financial
Top฀10฀Global฀Stock฀Issues
(Dollars฀in฀Billions)
Issuer฀ Date฀ Amount
ENEL*฀ Oct.฀22฀ $฀9.5
France฀Telecom*฀ Sept.฀1฀ 6.2
Royal฀Bank฀of฀Scotland฀ May฀5฀ 4.8
Belgacom*฀ March฀20฀ 4.4
GE*฀ March฀8฀ 3.8
Bayerische฀Hypo-Vereinsbank฀ April฀6฀ 3.7
Deutsche฀Telekom*฀ Oct.฀11฀ 3.7
Electric฀Power฀Development฀ Sept.฀27฀ 3.4
Total฀ Sept.฀29฀ 3.2
Genworth฀Financial*฀ May฀24฀ 2.9
Source:฀Thomson฀Financial฀ *฀Morgan฀Stanley฀bookrun฀transaction
Morgan฀Stanley฀was฀a฀leader฀in฀market฀
share฀and฀many฀of฀the฀top฀transactions.
2004฀Underwriting฀Rankings
Global฀IPO฀Market฀Share฀(%)฀and฀
Rank฀(#)
(Calendar฀Year)
15
10
5
0
14.5%
2001
5.1%
2002
4.9%
2003
10.3%
2004
RANK: 2
10.0%
2000
RANK: 2
RANK: 6 RANK: 5
RANK: 1
Source: Thomson Financial
12
9
6
3
0
10.2%
2000
11.6%
2001
11.0%
2002
10.4%
2003
10.3%
2004
RANK: 2
RANK: 1
RANK: 1
RANK: 1 RANK: 1
Global฀Equity฀Trading฀Market฀Share1
(In฀Percent)
฀ Source:฀McLagan
1฀ Total฀equity฀excluding฀new฀issues
2฀ Through฀Sept.฀2004
2
5
Morgan฀Stanley฀Annual฀Report฀2004