The US wealth management house and investment bank became the latest of the big US financial houses to report second-quarter results for 2024.

Morgan Stanley yesterday reported net revenues for the second quarter ended June 30, 2024 – reaching $15.0 billion compared with $13.5 billion a year ago.

Net income applicable to Morgan Stanley was $3.1 billion, or $1.82 per diluted share, compared with net income of $2.2 billion, it said in a statement. 

Wealth management delivered a pre-tax margin of 26.8 per cent for the quarter. Net revenues were $6.8 billion on record asset management revenues driven by cumulative fee-based asset flows and a positive market environment, the firm said. 

Fee-based asset flows were $26 billion for the quarter and $52 billion for the first half of the year. The wealth business added net new assets of $36 billion in the quarter and $131 billion in the first half of the year. Assets under management stood at $2.188 trillion at the end of June, rising from $1.856 trillion a year earlier. It booked $36.4 billion in net new assets in the latest quarter, decelerating sharply from $89.5 billion a year before.