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35	35	For the year ended December 31, 2022, Morgan Stanley has reported full year net revenues of $53.7 billion and net income of $11.0 billion compared to $51.71 billion in net revenue and $15.12 billion in net revenue a year earlier.
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	37	+Institutional Securities reported full year net revenues of $24.4 billion reflecting lower activity in Investment Banking driven by the uncertain macroeconomic environment, partially offset by strong performance in Fixed Income.
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	39	+Wealth Management delivered record full year net revenues of $24.4 billion and a pre-tax margin of 27.0% or 28.4% excluding integration-related expenses.6,7 The business added net new assets of $311 billion, representing a full year 6% annualized growth rate from beginning period assets.
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	41	+Investment Management reported full year net revenues of $5.4 billion and AUM of $1.3 trillion in a challenging market environment.
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