Morgan Stanley 1998 Annual Report Download - page 13

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*SEVENTEEN *
MORGAN STANLEY DEAN WITTER *1998 ANNUAL REPORT
Few firms can match Morgan Stanley Dean Witter in range of products and scale of
distribution. In fact, this was the reason for our merger. By bringing top-ranked
research and underwritten products to retail clients, we achieved significant gains in
our individual client business. By the same token, investment banking has gained
market share because of the distribution power of our 11,238 financial advisors.
The newest and most rapidly growing distribution channel is the Internet. Our
firm has positioned itself on the Internet through Discover Brokerage Direct, our
online provider of financial services to individuals. In 1998, Discover Brokerage
Direct expanded its product line to include proprietary equity research, 24-hour
trading of U.S. government securities and a mutual funds marketplace.We also have
introduced several Internet initiatives for Discover Card customers, including
online payment capabilities and Discover ShopCenter,
SM a new Internet shopping
link.In 1999,we will focus on the growing number of consumers interested in using
the Internet to purchase a variety of products and services.
The next frontier is the global distribution of securities and asset management
products to individuals, particularly to capitalize on the huge pool of savings in
Japan and the trend toward privatization of pension funds in Europe.There is no
firm yet with a global retail capability, but we believe that firms that have the most
extensive products and distribution today will have the advantage in developing
such a capability tomorrow. In late 1998, we founded a new business unit to pursue
global opportunities in retail securities and asset management, and we expect sig-
nificant strides in 1999.
We believe that Morgan Stanley Dean
Witter clearly has demonstrated its ability to adapt, prosper and grow in a rapidly
changing and often turbulent marketplace.We believe the diversity of our revenue
FEW FIRMS CAN MATCH OUR STAYING POWER
98
97
96
8,703
figure 10
5,214
2,797
DISCOVER BROKERAGE DIRECT
INTERNET TRADES PER DAY*
*Average for last month of fiscal year
98
97
96
90
figure 11
86
84
*Institutional Investor 1998 Ranked Analysts
NUMBER OF TOP-RATED
ANALYSTS WORLDWIDE*