Morgan Stanley Investment Management reported $416 billion in assets under management for its fiscal second quarter ended May 31, up 8% from the year-ago quarter, according to parent Morgan Stanley's quarterly earnings report. The firm reported $217 billion in institutional assets, an increase of $28 billion or 15% from a year earlier.
Pre-tax income for the same period was $175 million, 16% lower than a year earlier, primarily because of a decline in its private equity business. Excluding private equity, pre-tax income increased by 21% over last year. Net revenues fell 7% to $642 million.
Overall, Morgan Stanley reported $928 million in net income for the second quarter, down 24% from the second quarter of 2004 and 34% from the first quarter this year.