Morgan Stanley 2009 Annual Report Download - page 172

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(8) Global Wealth Management Group business segment activity primarily represents intangible assets acquired in connection with Smith
Barney and Citi Managed Futures (see Note 3).
(9) Institutional Securities business segment activity primarily represents intangible assets disposed of in connection with MSCI, and Asset
Management business segment activity represents intangible assets disposed of in connection with Crescent (see Note 23).
(10) Impairment losses recorded within the Asset Management business segment related to the disposition of Crescent and are included in
discontinued operations.
Amortizable intangible assets were as follows:
At December 31, 2009 At December 31, 2008
Gross Carrying
Amount(1)
Accumulated
Amortization(1)
Gross Carrying
Amount
Accumulated
Amortization
(dollars in millions)
Amortizable intangible assets:
Trademarks ............................ $ 75 $ 10 $126 $ 28
Technology related ...................... 10 3 144 94
Customer relationships ................... 4,061 159 276 40
Management contracts ................... 463 38 206 19
Research .............................. 176 21 — —
Intangible lease asset .................... 24 4 — —
Other ................................. 103 40 178 27
Total amortizable intangible assets . . . $4,912 $275 $930 $208
(1) The balances for 2009 include the Company’s share of MSSB’s amortizable intangible assets.
Amortization expense associated with intangible assets is estimated to be approximately $343 million per year
over the next five years.
8. Deposits.
Deposits were as follows:
At
December 31,
2009(1)
At
December 31,
2008(1)
(dollars in millions)
Savings and demand deposits ............................................ $57,114 $41,226
Time deposits(2) ...................................................... 5,101 10,129
Total ........................................................... $62,215 $51,355
(1) Total deposits insured by the FDIC at December 31, 2009 and December 31, 2008 were $46 billion and $47 billion, respectively.
(2) Certain time deposit accounts are carried at fair value under the fair value option (see Note 4).
The weighted average interest rates of interest bearing deposits outstanding during 2009, fiscal 2008, fiscal 2007
and the one month ended December 31, 2008 were 1.3%, 2.1%, 4.0% and 1.3%, respectively.
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