Morgan Stanley
Industry: Investment Services

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 600 offices in 27 countries, Morgan Stanley connects people, ideas, and capital to help clients achieve their financial aspirations. Morgan Stanley Investment Management manages $421 billion in assets for institutional and individual clients around the world.

Business Summary
Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates its business trough four segments: Institutional Securities business segment includes Investment Banking, Sales, Trading, Financing and market-making activities and other activities; Individual investor group business segment includes comprehensive brokerage, investment and financial services designed to accommodate individual investment goals and risk profiles; Investment management business segment includes global asset management products and services for individual and Institutional Investors, and Credit services business segment includes discover financial services (DFS), discover network, PULSE EFT Association, Inc. (PULSE) and Consumer Banking Group International.

Financial Summary
For the nine months ended 31 August 2005, Morgan Stanley's revenues increased 26% to $36.56B. Net income from continuing operations before accounting change and applicable to Common increased 2% to $3.45B. Revenues reflect the strength in underwriting and advisory fees from merger. Higher net income was partially offset by an increase in employee compensation and benefits and higher marketing expenses.