Morgan Stanley 2005 Annual Report Download - page 28

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26
MORGAN STANLEY AT A GLANCE
03 04 05
$ 585
Retail Brokerage
Income before Taxes
Dollars in Millions
$ 371
03 04 05
$ 4,754
Institutional Securities
Income before Taxes
Dollars in Millions
$ 4,281
$ 4,066
$ 464
All charts are based on fiscal year results of operations
for the 12 months ended November 30.
Amounts on charts represent income from continuing
operations before losses from unconsolidated investees,
income taxes, dividends on preferred securities subject
to mandatory redemption and cumulative effect of
accounting change, net.
Retail Brokerage
Retail Brokerage provides comprehensive brokerage, investment
and financial services to individual investors globally. Morgan
Stanley has one of the largest retail brokerage networks, with
9,526 worldwide representatives at year-end and more than
500 global retail locations, including 485 U.S. locations.
Client Coverage In the U.S., Morgan Stanley’s representatives
cover multiple client segments from affluent to ultra-high-net
worth. Morgan Stanley also offers financial advisory services
outside the U.S. to serve the needs of affluent and ultra-high-net
worth clients in Europe, Asia and Latin America.
Client Solutions Morgan Stanley’s representatives offer services that
are tailored to their clients’ individual investment objectives, risk
tolerance and liquidity needs. The product range spans mutual
funds, equities, fixed income products, alternative investments,
separately managed accounts, banking, mortgages, insurance and
annuities. Morgan Stanley offers financial solutions to small busi-
nesses through BusinesScape and provides defined contribution
plan services, including 401(k) plans and stock plan administration,
to businesses of all sizes.
Client Support Client Coverage and Client Solutions are supported
by Morgan Stanley’s infrastructure and technology platform.
Morgan Stanley executes and clears its transactions through its
own facilities and memberships in various clearing corporations.
Institutional Securities
Morgan Stanley is a leading global provider of investment bank-
ing and sales and trading services to domestic and international
corporate, government and other institutional clients.
Investment Banking Morgan Stanley offers its investment banking
clients underwriting and distribution services for debt and equity
offerings in addition to financial advisory services regarding key
strategic matters, such as mergers and acquisitions, restructurings,
real estate and project finance. Morgan Stanley also selectively
provides loans or lending commitments to its clients.
Sales, Trading, Financing and Market-Making Institutional
investors receive sales, trading and market-making services in
virtually every type of financial instrument, including stocks,
bonds, derivatives, foreign exchange and commodities. Morgan
Stanley is involved in these activities in all major global financial
markets. The firm also offers prime brokerage and financing
services, including securities lending.
Other Morgan Stanley produces and distributes research on global
economics, market strategies, industries, individual companies
and other related financial matters. The firm also engages in
principal investing. Through its subsidiary, Morgan Stanley
Capital International Inc., it markets and distributes equity and
fixed income indices.