This news article originally appeared on ResearchMag.com on 1/20.
Morgan Stanley says its Global Wealth Management group – which includes the operations of Smith Barney — delivered net revenues of $9.4 billion in 2009 with client assets of $1.6 trillion and 18,135 global representatives as of December 31, 2009.
The Morgan Stanley Smith Barney merger was completed on May 31, 2009.
"In a year of transition for our firm and the entire financial services industry, the employees of Morgan Stanley delivered substantially improved financial performance while also making significant progress on critical strategic initiatives that will drive our business in the years ahead," says CEO and President James Gorman.
Thus, whereas a year ago, Morgan Stanley had 8,356 financial advisors, it now has more than 18,100. The most recent total of 18,135 – however – is down a bit from the 18,160 that MSSB had as of September 30, 2009 and the 18,444 it had on June 30, 2009.
"During the year, we closed the Smith Barney transaction earlier than expected; continued the expansion of our strategic alliance with Mitsubishi UFJ; and forged a deal to sell Van Kampen and our retail asset management business to Invesco," explains Gorman.
