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Von Aldo

Morgan Stanley Gained Client Assets

Apparently I erred in my post yesterday. Jim Wiggins, chief spokesman for Morgan Stanley says I must have goofed in reading Bernstein Research yesterday. Wiggins says MSSB gained $22.9 billion for the year in net new client assets, and $14.1 in Q4. And don't expect pretax margins of 20 percent until post integration of Smith Barney which may take another 18 months. On a lighter note, Jim says when he Googles "Registered" (as in our title, Registered Rep.) we're third after "sex offender" and "nurse." Go figure.

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