Morgan Stanley 2014 Annual Report Download - page 86

Statistical Data.
The Company’s Investment Management business segment’s period-end and average assets under management
or supervision were as follows:
At
December 31, Average for
2014 2013(1) 2014 2013(1) 2012(1)
(dollars in billions)
Assets under management or supervision by asset class:
Traditional Asset Management:
Equity ............................................ $141 $140 $145 $130 $114
Fixed income ....................................... 65 60 63 61 59
Liquidity .......................................... 128 112 119 104 87
Alternatives(2) ..................................... 36 31 34 29 26
Managed Futures(1) ................................. 3435 6
Total Traditional Asset Management ................ 373 347 364 329 292
Real Estate Investing ........................................ 20 21 21 20 19
Merchant Banking ........................................... 10999 9
Total assets under management or supervision ........ $403 $377 $394 $358 $320
Share of minority stake assets(3) ................... $ 7 $ 6 $ 7 $ 6 $ 5
(1) On October 1, 2014, the Managed Futures business was transferred from the Company’s Wealth Management business segment to the
Company’s Investment Management business segment. All prior-period amounts have been recast to conform to the current year’s presentation.
(2) The alternatives asset class includes a range of investment products such as funds of hedge funds, funds of private equity funds and funds
of real estate funds.
(3) Amounts represent the Company’s Investment Management business segment’s proportional share of assets managed by entities in
which it owns a minority stake.
Activity in the Company’s Investment Management business segment’s assets under management or supervision
during 2014, 2013 and 2012 was as follows:
2014 2013(1) 2012(1)
(dollars in billions)
Balance at beginning of period ............................................ $377 $343 $293
Net flows by asset class:
Traditional Asset Management:
Equity ..................................................... (2) (1) (2)
Fixed income ................................................ 5 — (1)
Liquidity ................................................... 17 12 26
Alternatives(2) .............................................. 4 2 1
Managed Futures(1) .......................................... (1) (1) —
Total Traditional Asset Management ......................... 23 12 24
Real Estate Investing .............................................. (2) (1) 1
Merchant Banking ................................................ 3 1 —
Total net flows .......................................... 24 12 25
Net market appreciation ............................................... 2 22 25
Total net increase .................................................... 26 34 50
Balance at end of period .................................................. $403 $377 $343
(1) On October 1, 2014, the Managed Futures business was transferred from the Company’s Wealth Management business segment to the
Company’s Investment Management business segment. All prior-period amounts have been recast to conform to the current year’s presentation.
(2) The alternatives asset class includes a range of investment products such as funds of hedge funds, funds of private equity funds and funds
of real estate funds.
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