Morgan Stanley 2005 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2005 Morgan Stanley annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 36

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36

27
MORGAN STANLEY AT A GLANCE
03 04 05
$ 1,007
Asset Management
Income before Taxes
Dollars in Millions
03 04 05
$ 921
$ 827
$ 1,221
$ 482
$ 1,027
Discover
Income before Taxes
Dollars in Millions
Asset Management
Morgan Stanley Investment Management is a global asset manager
offering individual and institutional clients a diverse array of equi-
ty, fixed income and alternative investment strategies. Managed by
experienced investment professionals, products include many highly
rated U.S. and international strategies that span the risk and asset-
class spectrum. These products are distributed in multiple channels
on a variety of platforms and markets under two distinct brands.
Our portfolio managers and research analysts are located throughout
the world, enhancing investment capabilities through a combina-
tion of global information sharing and local decision making.
Individual Investors Affiliated Channel: Morgan Stanley Investment
Management reaches individual investors through our affiliated
network of representatives who offer, among a range of product
providers, Morgan Stanley- and Van Kampen-branded products.
Third-Party Channels: Morgan Stanley Investment Management
also offers investment products under our affiliated brand,
Van Kampen (in the U.S.), as well as under Morgan Stanley Invest-
ment Management (globally) through a diversified network of
broker-dealers, banks, insurance companies and financial planners.
Institutional Investors Institutional investors, including pension
plans, corporations, nonprofit organizations, governmental
agencies, insurance companies and banks, are serviced by a global
proprietary sales force and a team dedicated to covering the
investment consultant industry.
Discover
Discover Financial Services, through Discover Bank, is one of
the largest issuers of general purpose credit cards in the U.S.,
with over 50 million Cardmembers. It offers the Discover Card
and other general purpose credit cards. The cards are accepted
on the Discover Network, the largest proprietary credit card
network in the U.S., with more than 4 million merchant and
cash access locations.
Discover also offers Discover Gift Cards and a variety of financial
services, including home loans and credit protection products,
and is a leading credit card company on the Internet, with more
than 14 million Cardmembers registered at Discovercard.com.
Discover Card was ranked #1 in fraud protection services
by Javelin Strategy & Research, and its Cashback Bonus is
America’s #1 cash rewards program.
In 2005, Discover acquired PULSE, one of the nation’s fastest-
growing ATM/debit networks. Issuing relationships with
GE Consumer Finance, Metris (HSBC) and others have resulted
in new credit cards being issued on the Discover Network.
The company’s international credit card business has continued
to grow, with 1.5 million accounts in the U.K. and $2.7 billion
in loans. In 2005, Discover launched a strategic alliance
with China UnionPay, the only national bankcard payment
network in China.