Morgan Stanley well positioned to grow asset management

Morgan Stanley building

Greg Fleming, who runs Morgan Stanley’s asset-management division, said the business will boost profitability in the next two years while increasing assets by about one-third.

Reaching about $500 billion of assets under management by the end of 2016 from $373 billion in December is 'very achievable', Fleming, 50, said at an investor conference hosted by Credit Suisse. Return on equity will rise to about 20% by then and will be maintained consistently, he said. That compares with 18% last year.

Bloomberg News reports that Fleming set new targets four years after he was brought in to help repair the asset-management unit amid losses and investor withdrawals. While the division is the smallest of the New York-based investment bank’s three businesses, it was also the most profitable in 2013.

'We’ve come a long ways', Fleming said. 'We are well-positioned over the next three years to continue to grow investment management and increase its relevance and contribution to Morgan Stanley'.

Hit the link below to access the complete Bloomberg article:

Morgan Stanley’s Fleming Sees Asset-Management Gains

Commerzbank Vows Faster Asset Cuts as Earnings Beat

 

 

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