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Managing Multiple Products & Multiple Platforms Mitchell M. Merin President & Chief Operating Officer Morgan Stanley Investment Management.

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Presentation on theme: "Managing Multiple Products & Multiple Platforms Mitchell M. Merin President & Chief Operating Officer Morgan Stanley Investment Management."— Presentation transcript:

1 Managing Multiple Products & Multiple Platforms Mitchell M. Merin President & Chief Operating Officer Morgan Stanley Investment Management

2 Forces Of Change NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

3 Asset Management Industry ForcesTechnology Forces Of Change NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

4 Asset Management Industry Technology ChangingCustomers Forces Of ChangeForces NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

5 Asset Management Industry Technology ChangingCustomers Forces Of Change U.S. Market Maturation Forces NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

6 Asset Management Industry Technology ChangingCustomers IncreasedCompetition Forces Of Change U.S. Market Maturation Forces NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

7 Asset Management Industry Changes Power Shifting to Distributors Losing Control of the Customer Losing Control of the Customer Greater Mobility of Assets Ubiquity of Products & Services Performance Transparency Price Transparency Commodization of the Mutual Fund Slower Organic Growth Increased Pressure On Margins Forces Of ChangeTechnology ChangingCustomers IncreasedCompetition U.S. Market Maturation Forces NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

8 Critical Success Attributes NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

9 Critical Success Attributes Customer Focus / Segmentation Customer Focus / Segmentation

10 NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, Customer Focus / Segmentation Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Quality Investment Manufacturing / Superior Performance Critical Success Attributes

11 NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, Customer Focus / Segmentation Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Quality Investment Manufacturing / Superior Performance Multi-Tiered Distribution Multi-Tiered Distribution Critical Success Attributes

12 NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, Customer Focus / Segmentation Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Quality Investment Manufacturing / Superior Performance Multi-Tiered Distribution Multi-Tiered Distribution Strong Brand Identity Strong Brand Identity Critical Success Attributes

13 NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, Customer Focus / Segmentation Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Quality Investment Manufacturing / Superior Performance Multi-Tiered Distribution Multi-Tiered Distribution Strong Brand Identity Strong Brand Identity Economies of Scale Economies of Scale Critical Success Attributes

14 T HE C OMPETITIVE L ANDSCAPE Small Boutiques Mid-Tier Firms Large Institutions Today’s Asset Management Industry Three Tiers Of Competitors NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

15 R I P ? T HE C OMPETITIVE L ANDSCAPE Small Boutiques Mid-Tier Firms Large Institutions Tomorrow’s Asset Management Industry More And More Bifurcated NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

16 Our Business Model NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

17 A Quick History Morgan Stanley acquires Van Kampen (1996) Dean Witter acquires InterCapital (1977) Morgan Stanley Asset Management founded (1975) Morgan Stanley acquires MAS (1996) Morgan Stanley merges with Dean Witter (1997) MSDW Asset Management formed (1999) MSIM formed (2000) NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

18 MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT Investments Sales & Marketing Operations Technology Investments Operations Technology Investments Operations Technology MAS MILLER ANDERSON & SHERRERD, LLP Investments Sales & Marketing Operations Technology Our Old Organization NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

19 Proprietary Retail Proprietary Institutional Non-Proprietary Retail Non-Proprietary Institutional Non-U.S. MSDW Advisors MSDW Investment Mgmt. Miller Anderson & Sherrerd Van Kampen Investments MSDW Investment Mgmt. Miller Anderson & Sherrerd Van Kampen Mgmt. MSDW Investment Mgmt. MSDW Family of Funds MSDW Institutional Funds MAS Funds Van Kampen Funds Universal Funds MAS Funds Van Kampen Institutional Morgan Stanley Dean Witter Client Segment Organization Brand Our Old Branding Strategy NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

20 Our Old Distribution Approach MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT MAS MILLER ANDERSON & SHERRERD, LLP High Net Worth Full-Service Self-Service Proprietary Retail Banks Non-Proprietary Retail Broker-Dealers Consultants Public Plans Corporations Institutional InvestmentAdvisors NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

21 SERVICE Call Centers Traditional Broker eAdvice High Net Worth Morgan Stanley Individual Investor Group Morgan Stanley Individual Investor Group IIS IAS PWM COSTCOST We Were Not Harnessing Our Collective Power To Meet The Divergent Needs Of Our Customers NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

22 MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT Investments Sales & Marketing Operations Technology Investments Operations Technology Investments Operations Technology MAS MILLER ANDERSON & SHERRERD, LLP Investments Sales & Marketing Operations Technology Our Old Organization NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

23 We Functionally Realigned Investments Sales & Marketing Operations Technology Investments Operations Technology Investments Operations Technology MORGAN STANLEY DEAN WITTER ASSET MANAGEMENT Investments Sales & Marketing Operations Technology MAS MILLER ANDERSON & SHERRERD, LLP NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

24 Investments Sales & Marketing Operations Technology Our New Organization NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

25 Our New Organization = The Keys To Success The Critical Success Attributes Investments Sales & Marketing Operations Technology Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Superior Performance Multi-Tiered Distribution Strong Brand Identity Economies of Scale NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

26 The Power of All Products & Services Under One Roof TraditionalInvestmentProducts Mutual Funds Separately Managed Accounts Non-U.S. Funds Mutual Fund Wrap Programs VariableAnnuities Unit Investment Trusts AlternativeInvestments Hedge Funds Fund-of-FundsConsulting Private Equity Managed Futures Real Estate RetirementServices Defined Contribution Defined Benefit Advice Financial Planning Asset Allocation Services Trust Services Estate Planning Other Transfer Agency Section 529 Plans Donor-Advised Fund Life Insurance NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

27 Morgan Stanley Funds Morgan Stanley Institutional Funds Van Kampen Investments TBD Morgan Stanley Client Segment Organization Brand Proprietary Retail Proprietary Institutional Non-Proprietary Retail Non-Proprietary Institutional Non-U.S. Our New Branding Strategy NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

28 High Net Worth Full-Service Self-Service Proprietary Retail Broker-Dealers Banks InvestmentAdvisors Non-Proprietary Retail Consultants Public Plans Corporations Institutional Our New Distribution Approach NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

29 High Net Worth Full-Service Self-Service Proprietary Retail Broker-Dealers Banks InvestmentAdvisors Non-Proprietary Retail Consultants Public Plans Corporations Institutional Our New Distribution Approach NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

30 Our New Organization = The Keys To Success The Critical Success Attributes Investments Sales & Marketing Operations Technology Customer Focus / Segmentation Quality Investment Manufacturing / Superior Performance Superior Performance Multi-Tiered Distribution Strong Brand Identity Economies of Scale NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

31 Superior Performance 65 Funds Rated 4- or 5 - Stars by Morningstar Source: Morningstar Principia, May 2001 NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

32 19 Locations & 4,000 Employees World-Wide West Conshohocken Chicago New York London Tokyo Mumbai Singapore Hong Kong Sydney Melbourne Amsterdam Milan Jersey City Boston San Francisco Houston Cedar Rapids Oakbrook Terrace Kansas City Strong Global Reach NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

33 Strong Brand Identity NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

34 Strong Brand Identity NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

35 Economies of Scale Rationalizing Expenses Across The Business Rationalizing Expenses Across The Business NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

36 Economies of Scale Rationalizing Expenses Across The Business Rationalizing Expenses Across The Business Driving-Home Our #4 Commission Ranking Driving-Home Our #4 Commission Ranking NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

37 Economies of Scale Rationalizing Expenses Across The Business Rationalizing Expenses Across The Business Driving-Home Our #4 Commission Ranking Driving-Home Our #4 Commission Ranking Vendor Relationships Vendor Relationships NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

38 Rationalizing Expenses Across The Business Rationalizing Expenses Across The Business Driving-Home Our #4 Commission Ranking Driving-Home Our #4 Commission Ranking Vendor Relationships Vendor Relationships Technology Technology Economies of Scale NOTICE: This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, nonpublic information. The presentation has been prepared solely for information purposes, is not a solicitation of an offer to buy or sell any security or instrument and has not been updated since it was originally presented June 26, 2001.

39 Managing Multiple Products & Multiple Platforms Mitchell M. Merin President & Chief Operating Officer Morgan Stanley Investment Management


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