Morgan Stanley 2015 Annual Report Download - page 66

Fee-Based Client Assets Activity and Average Fee Rate by Account Type.
At
December 31,
2014 Inflows Outflows
Market
Impact
At
December 31,
2015
Average for the
Year Ended
December 31,
2015
Fee Rate(1)
(dollars in billions) (in bps)
Separately managed accounts(2) ........ $ 285 $ 42 $ (32) $ (12) $ 283 34
Unified managed accounts ............. 93 29 (14) (3) 105 113
Mutual fund advisory ................. 31 3 (6) (3) 25 121
Representative as advisor .............. 119 29 (25) (8) 115 89
Representative as portfolio manager ..... 241 58 (38) (9) 252 104
Subtotal .......................... $ 769 $ 161 $ (115) $ (35) $ 780 76
Cash management ................... 16 9 (10) — 15 6
Total fee-based client assets ............ $ 785 $ 170 $ (125) $ (35) $ 795 74
At
December 31,
2013 Inflows Outflows
Market
Impact
At
December 31,
2014
Average for the
Year Ended
December 31,
2014
Fee Rate(1)
(dollars in billions) (in bps)
Separately managed accounts(2) ........ $ 260 $ 41 $ (31) $ 15 $ 285 35
Unified managed accounts ............. 78 24 (11) 2 93 116
Mutual fund advisory ................. 34 5 (8) — 31 121
Representative as advisor .............. 111 30 (23) 1 119 90
Representative as portfolio manager ..... 201 60 (28) 8 241 106
Subtotal .......................... $ 684 $ 160 $ (101) $ 26 $ 769 77
Cash management ................... 13 12 (9) — 16 6
Total fee-based client assets ............ $ 697 $ 172 $ (110) $ 26 $ 785 75
At
December 31,
2012 Inflows Outflows
Market
Impact/
Other (3)
At
December 31,
2013
Average for the
Year Ended
December 31,
2013
Fee Rate(1)
(dollars in billions) (in bps)
Separately managed accounts(2) ........ $ 195 $ 43 $ (32) $ 54 $ 260 37
Unified managed accounts ............. 61 19 (10) 8 78 120
Mutual fund advisory ................. 31 5 (6) 4 34 121
Representative as advisor .............. 94 28 (21) 10 111 91
Representative as portfolio manager ..... 160 51 (25) 15 201 109
Subtotal .......................... $ 541 $ 146 $ (94) $ 91 $ 684 78
Cash management ................... 13 6 (6) — 13 6
Total fee-based client assets ............ $ 554 $ 152 $ (100) $ 91 $ 697 77
bps—Basis points.
(1) Average fee rate is for the year ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively.
(2) Includes non-custody account values reflecting prior quarter-end balances due to a lag in the reporting of asset values by third-party custodians.
(3) Effective in 2013, client assets include certain additional non-custodied assets as a result of the completion of the platform conversion between the Company and
Citi.
•Inflows—include new accounts, account transfers, deposits, dividends and interest.
•Outflows—include closed or terminated accounts, account transfers, withdrawals and client fees.
•Market impact—includes realized and unrealized gains and losses on portfolio investments.
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