Morgan Stanley 2009 Annual Report Download - page 225

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
• Global Wealth Management Group: global representative coverage location.
• Asset Management: client location, except for merchant banking business, which is based on asset
location.
Net Revenues 2009 Fiscal 2008(1) Fiscal 2007(1)
One Month Ended
December 31,
2008(1)
(dollars in millions)
Americas ..................................... $18,904 $10,766 $10,771 $(765)
Europe, Middle East and Africa ................... 2,459 8,949 9,927 (246)
Asia ......................................... 1,995 2,396 5,780 43
Total .................................... $23,358 $22,111 $26,478 $(968)
Total Assets
At
December 31,
2009
At
December 31,
2008
(dollars in millions)
Americas .................................................. $571,829 $481,979
Europe, Middle East and Africa ................................. 143,072 140,594
Asia ...................................................... 56,561 54,191
Total .................................................. $771,462 $676,764
(1) Certain reclassifications have been made to prior-period amounts to conform to the current year’s presentation.
22. Joint Venture.
Japan Securities Joint Venture. On March 26, 2009, MUFG and the Company announced that they had signed
a memorandum of understanding to form a securities joint venture between Mitsubishi UFJ Securities Co., Ltd.
and MSJS.
On November 18, 2009, MUFG and the Company announced further plans to integrate their securities operations
in Japan by executing the joint venture through two entities, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
and Morgan Stanley MUFG Securities Co., Ltd., rather than through a single company. The two joint venture
companies will collaborate in a number of business and product areas, including offering the Company’s global
products and services to retail and middle market customers in Japan. The closing of this transaction is subject to
the execution of the definitive agreements and regulatory approvals and other customary closing conditions.
In addition, on June 30, 2009, MUFG and the Company announced the creation of a loan marketing joint venture
in the Americas and business referral arrangements in Asia, Europe, the Middle East and Africa. MUFG and the
Company also entered into a referral agreement for commodities transactions executed outside of Japan and a
transfer of personnel between MUFG and the Company for the sharing of best practices and expertise.
23. Discontinued Operations.
Retail Asset Management Business. On October 19, 2009, as part of a restructuring of its Asset Management
business segment, the Company entered into a definitive agreement to sell substantially all of Retail Asset
Management, including Van Kampen, to Invesco. This transaction allows the Company’s Asset Management
business segment to focus on its institutional client base, including corporations, pension plans, large
intermediaries, foundations and endowments, sovereign wealth funds, and central banks, among others.
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