Morgan Stanley ha presentado unos beneficios de 1,85 mil millones $ en el primer trimestre, es decir, 99 centavos por acción, que gira el signo de la pérdida de 17 millones $ (57 centavos por acción) del mismo trimestre del ejercicio anterior.
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Morgan Stanley (NYSE: MS) today reported income of $1.8 billion, or $1.03 per diluted share, from continuing operations applicable to Morgan Stanley for the first quarter ended March 31, 2010, compared with a loss of $17 million, or $0.41 per diluted share, for the same period a year ago. Net revenues were $9.1 billion for the current quarter, compared with $2.9 billion a year ago. Net revenues in the prior year’s first quarter included negative revenue of $1.7 billion due to the significant improvement in Morgan Stanley’s credit spreads on certain of its long-term debt (debt-related credit spreads).1 The effect of changes in Morgan Stanley’s debt-related credit spreads in the current quarter was minimal. Comparisons of current quarter results with the prior year were affected by the results of the Morgan Stanley Smith Barney joint venture (MSSB),2 which closed on May 31, 2009. The results for this quarter also included a tax benefit of $382 million associated with prior year undistributed earnings of certain non-U.S. subsidiaries that were determined to be indefinitely reinvested abroad.3 The annualized return on average common equity from continuing operations was 17.1% in the current quarter, or 13.1% excluding the effect of the discrete tax benefit.
For the current quarter, net income applicable to Morgan Stanley, including discontinued operations, was $0.99 per diluted share, compared with a net loss of $0.57 per diluted share in the first quarter of 2009. Discontinued operations included a loss of $932 million on the planned disposition of Revel Entertainment Group, LLC, a subsidiary of Morgan Stanley, and a gain of $775 million related to a legal settlement with Discover Financial Services.4
Compensation expenses of $4.4 billion increased from $2.0 billion a year ago due to the inclusion of MSSB2 and higher net revenues. The Firm’s compensation to net revenue ratio for the current quarter was 49%, compared with 68% a year ago. Non-compensation expenses of $2.1 billion increased from $1.5 billion a year ago due to the inclusion of MSSB2 and higher levels of business activity.
Investment banking revenues were $887 million, compared with $811 million last year, reflecting an increase in underwriting revenues driven by higher levels of market activity. Morgan Stanley ranked #2 in completed M&A, #4 in global announced M&A and #3 in global IPOs.5
Sales and trading net revenues were $4.1 billion, compared with $1.4 billion last year. The increase reflected the effect of the improvement in Morgan Stanley’s debt-related credit spreads1 in the prior year, as well as higher results in Fixed Income.
Global Wealth Management delivered net revenues of $3.1 billion, with client assets of $1.6 trillion and 18,140 global representatives. Net new assets for the quarter were $5.8 billion. The Firm led the industry with 38 of the 100 top financial advisors in this year’s annual Barron’s survey, including 9 of the top 15.
Asset Management reported net revenues of $653 million, compared with $22 million a year ago.6, 7
Morgan Stanley and Mitsubishi UFJ Financial Group, Inc. (MUFG) entered into definitive agreements formalizing their previously announced intention to form a joint venture. The transaction is scheduled to close in the second quarter of 2010.