Revenue in the bank’s increasingly important wealth management business fell 3.5 percent to $3.64 billion, but accounted for 46.9 percent of revenue, compared with 42.4 percent in the year-ago quarter.The pre-tax margin in the wealth business expanded to 23 percent from 21 percent, within Gorman’s target for year-end.The weakness in investment banking came even as Morgan Stanley ranked second globally in mergers advisory volumes in the first nine months of the year, after Goldman, according to Thomson Reuters data. Pruzan said the bank had seen a strong start to deal activity in the fourth quarter.
http://uk.reuters.com/article/2015/10/19/uk-morganstanley-results-idUKKCN0SD17020151019
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