Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Morgan Stanley has elected James Owens, currently on Obama’s Economic Recovery Advisory Board, to the firm’s board of directors, effective 1 January 2011.

Owens latterly served as chairman and chief executive of infrastructure manufacturer Caterpillar. He was appointed to the President’s Economic Recovery Advisory Board in 2009. He also currently serves as chairman on the Business Council and is a director at the Peterson Institute for International Economics in Washington DC, amongst other positions.

The US financial services giant recently announced its third quarter results, with Morgan Stanley Global Wealth Management reporting net revenues of $3.1 billion, compared with $3 billion a year ago. Total client assets in the GWM group totalled $1.6 trillion at the end of the third quarter, up 5 per cent from a year earlier. Overall, however, the bank reported a $91 million loss, compared to a gain of $498 million a year earlier.

Morgan Stanley has more than 1,300 offices in 42 countries. 

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