Morgan Stanley reported on Thursday that its global wealth management business saw it pre-tax income fall to $239 million, down from $356 million one year ago, and net revenue of $3.34 billion, up from $3.23 billion in the third quarter of 2011, as the firm closed its acquisition of the next stake in the Smith Barney joint venture.
The pre-tax income for the third quarter includes $193 million in one-time costs for both the purchase of the additional 14% stake of Smith Barney that took place in the third quarter, as well as the integration costs associated with Morgan Stanley Wealth Management. That compares to wealth management pre-tax income of $393 million in the second quarter.
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