Morgan Stanley 2009 Annual Report Download - page 40

MSCI. In May 2009, the Company divested all of its remaining ownership interest in MSCI. The results of
MSCI are reported as discontinued operations for all periods presented.
Crescent. Discontinued operations in 2009, fiscal 2008 and the one month ended December 31, 2008 include
operating results and gains (losses) related to the disposition of Crescent, a former real estate subsidiary of the
Company. The Company completed the disposition of Crescent in the fourth quarter of 2009, whereby the
Company transferred its ownership interest in Crescent to Crescent’s primary creditor in exchange for full release
of liability on the related loans. The results of Crescent were formerly included in the Asset Management
business segment.
Discover. On June 30, 2007, the Company completed the spin-off (the “Discover Spin-off”) of its business
segment Discover Financial Services (“DFS”) to its shareholders. The results of DFS are reported as
discontinued operations for all periods presented through the date of the Discover Spin-off. The fiscal 2008
amount related to costs associated with a legal settlement between DFS, VISA and MasterCard. See “Other
Matters—Settlement with DFS” herein for further information.
Quilter Holdings Ltd. The results of Quilter Holdings Ltd. (“Quilter”), Global Wealth Management Group’s
former mass affluent business in the United Kingdom (“U.K.”), are also reported as discontinued operations for
all periods presented through its sale to Citigroup Inc. (“Citi”) on February 28, 2007. Citi subsequently
contributed Quilter to the MSSB joint venture. The results of MSSB are included within the Global Wealth
Management Group business segment’s income from continuing operations effective May 31, 2009.
See Note 23 to the consolidated financial statements for further information on discontinued operations.
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