Seeking Alpha

Wealth management, equity trading strong at Morgan Stanley in Q3

  • Shares of Morgan Stanley (MS) are +3% in premarket trading, as the firm tops Street estimates for Q3.
  • "Lower client activity and market volumes across all products," hit fixed income and commodities, where revenues dive 44% Y/Y to $835M, while lackluster market activity results in an 18% decline in advisory revenues.
  • On the bright side, equity sales and trading revenues are up 30% and underwriting revenues for equities and fixed income gain 18% and 11.6%, respectively.
  • The firm's push to emphasize the more stable wealth management business looks to be paying off, as pre-tax wealth management income and net revenues rise 170% and 9% respectively.
  • Tier 1 capital (Basel I), 15.3%; VaR, $52M versus $61M previous; ROE (ex-DVA), 6.2%. (PR)

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