Morgan Stanley 2014 Annual Report Download - page 8

Research. The Company’s research department (“Research”) coordinates globally across all of the Company’s
businesses and consists of economists, strategists and industry analysts who engage in equity and fixed income
research activities and produce reports and studies on the U.S. and global economy, financial markets, portfolio
strategy, technical market analyses, individual companies and industry developments. Research examines
worldwide trends covering numerous industries and individual companies, the majority of which are located
outside the U.S.; provides analysis and forecasts relating to economic and monetary developments that affect
matters such as interest rates, foreign currencies, securities, derivatives and economic trends; and provides
analytical support and publishes reports on asset-backed securities and the markets in which such securities are
traded; and data are disseminated to investors through third-party distributors, proprietary internet sites such as
Client Linksm and Matrixsm, and the Company’s global representatives.
Investments. The Company from time to time makes investments that represent business facilitation or other
investing activities. Such investments are typically strategic investments undertaken by the Company to facilitate
core business activities. From time to time, the Company may also make investments and capital commitments to
public and private companies, funds and other entities.
The Company sponsors and manages investment vehicles and separate accounts for clients seeking exposure to
private equity, infrastructure, mezzanine lending and real estate-related and other alternative investments. The
Company may also invest in and provide capital to such investment vehicles. See also “Investment Management”
herein.
Operations and Information Technology.
The Company’s Operations and Information Technology departments provide the process and technology
platform required to support Institutional Securities sales and trading activity, including post-execution trade
processing and related internal controls over activity from trade entry through settlement and custody, such as
asset servicing. This support is provided for listed and OTC transactions in commodities, equity and fixed
income securities, including both primary and secondary trading, as well as listed, OTC and structured
derivatives in markets around the world. These activities are undertaken through the Company’s own facilities,
through membership in various clearing and settlement organizations, and through agreements with unaffiliated
third parties.
Wealth Management.
The Company’s Wealth Management business segment provides comprehensive financial services to clients
through a network of 16,076 global representatives in 622 locations at year-end 2014. As of December 31, 2014,
Wealth Management had $2,025 billion in client assets.
Clients.
Wealth Management professionals serve individual investors and small-to-medium sized businesses and
institutions with an emphasis on ultra-high net worth, high net worth and affluent investors. Wealth Management
representatives are located in branches across the U.S. and provide solutions designed to accommodate the
individual investment objectives, risk tolerance and liquidity needs of investors residing in and outside the U.S.
Call centers are available to meet the needs of emerging affluent clients.
Products and Services.
Wealth Management provides clients with a comprehensive array of financial solutions, including products and
services from the Company and third-party providers, such as other financial institutions, insurance companies
and mutual fund families. Wealth Management provides brokerage and investment advisory services covering
various types of investments, including equities, options, futures, foreign currencies, precious metals, fixed
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