Despite lower net revenues in its wealth management business and overall during the first three months of 2022, Morgan Stanley CEO James P. Gorman credits his firm for strong performance amid “market volatility and economic uncertainty.”
But the company still had plenty to celebrate in Q1, including profits that outperformed estimates and a wealth management arm that once again saw new net assets increase, according to first -quarter earnings statements released Thursday.
“Institutional securities navigated volatility on behalf of clients extraordinarily well, wealth management’s margin proved resilient and the business added $142 billion net new assets in the quarter, and investment management benefited from its diversification,” Gorman said in a statement. “The quarter’s results affirm our sustainable business model is well positioned to drive growth over the long term.”
Scroll down for some of the key takeaways from Thursday’s earnings report and call.