Morgan Stanley 2010 Annual Report Download - page 249

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The Company operates in both U.S. and non-U.S. markets. The Company’s non-U.S. business activities are
principally conducted through European and Asian locations. The following tables present selected income
statement information and total assets of the Company’s operations by geographic area. The selected income
statement information and total assets disclosed in the following tables reflect the regional view of the
Company’s consolidated net revenues, income (loss) from continuing operations before income taxes, net income
(loss) applicable to Morgan Stanley and total assets, on a managed basis, based on the following methodology:
• Institutional Securities: advisory and equity underwriting—client location, debt underwriting—revenue
recording location, sales and trading—trading desk location.
• 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 2010 2009(1) Fiscal 2008(1)
One Month
Ended
December 31,
2008(1)
(dollars in millions)
Americas ........................................... $21,674 $18,909 $10,768 $(766)
Europe, Middle East, and Africa ......................... 5,628 2,529 8,977 (215)
Asia ............................................... 4,320 1,996 2,395 44
Net revenues .................................... $31,622 $23,434 $22,140 $(937)
Total Assets
At December 31,
2010
At December 31,
2009
(dollars in millions)
Americas .................................................... $582,928 $571,829
Europe, Middle East, and Africa .................................. 153,656 143,072
Asia ........................................................ 71,114 56,561
Total .................................................... $807,698 $771,462
(1) Certain reclassifications have been made to prior-period amounts to conform to the current year’s presentation.
24. Equity Method Investments.
The Company has investments accounted for under the equity method (see Note 1) of $5,120 million and $3,253
million at December 31, 2010 and December 31, 2009, respectively, included in Other investments in the
consolidated statements of financial condition. Gains (losses) from these investments were $(37) million, $(49)
million and $258 million in 2010, 2009 and fiscal 2008, respectively, and are included in Other revenues in the
consolidated statements of income. In addition, in December 2010, the Company completed the sale of its 34.3%
stake in China International Capital Corporation Limited, for a pre-tax gain of approximately $668 million,
which is included in Other revenues in the consolidated statement of income. See Note 19.
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