Business Services Industry
Money management revenue big boost to Wall St. players. (Finance Monday) (Industry Overview)
Crain's Cleveland Business, September, 1994 by Cardona, Mercedes M.
Money managers owned by big Wall Street brokerage and investment banking firms are contributing to their parents' bottom lines, while underwriting and brokerage activities slow down. With distribution channels and sophisticated financial technology already in place, money management seems a natural fit for these firms, as they diversify from transaction-based businesses and into fee-based companies.
Fees from money management comprise 10% to 20% of the net revenues after interest expense among large, public traded brokerage firms, such as Salomon Brothers Inc., Merrill Lynch Co., Prudential Securities Inc., PaineWebber Group Inc., Dean Reynolds Inc., and Smith Barney Inc. And that revenue stream is growing rapidly, said Glen Casey, a consultant with Cerulli...
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