(Bloomberg) -- Morgan Stanley Chief Executive Officer James Gorman said his firm’s wealth-management unit can earn a pretax margin of more than 23 percent by 2015 as interest rates and stock markets climb.

The unit can achieve a 20 percent to 22 percent margin absent any changes in the broader markets, Gorman, 54, said today at a conference sponsored by New York-based Morgan Stanley. The firm is awaiting approval to buy the remaining 35 percent of a brokerage joint venture that comprises the bulk of the division.

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