Morgan Stanley reported record quarterly revenue for its wealth management unit Tuesday, as
While the parent company's profits fell year over year, in a still-difficult market environment, the wealth management unit was the only one that delivered a growth in profits and revenue over the prior year. Notably, Morgan Stanley also added
"Combined with inflows from investment management, we saw over $100 billion, bringing our year-to-date net new assets to approximately $200 billion in six months," CEO and chairman James Gorman said on an earnings call Tuesday with analysts. Firmwide, total client assets reached $6.3 trillion — with the lion's share of it coming from the wealth management unit.
The wirehouse appears ahead of schedule to reach its
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"I mean, you're going to have a quarter in here somewhere that's a $50 billion quarter, and I wouldn't get too excited about that," Gorman said. "Just as I don't get too excited [that] we're ahead." Gorman was excited, though, about the "unstoppable" nature of the firm's growth in client assets.
"People are going to call me crazy, and I know it's the
The company beat expectations with earnings per diluted share of $1.24, which was 8% above the
"Overall, we would characterize results as respectable … against a challenged backdrop," researchers at JMP Securities wrote in an analyst note ahead of the earnings call.
To see the main takeaways from Morgan Stanley's second-quarter earnings, scroll down. For coverage of the firm's first-quarter earnings,