{"id":417629,"date":"2021-01-20T07:33:14","date_gmt":"2021-01-20T12:33:14","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=417629"},"modified":"2021-01-20T07:33:14","modified_gmt":"2021-01-20T12:33:14","slug":"morgan-stanley-fourth-quarter-and-full-year-2020-earnings-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/morgan-stanley-fourth-quarter-and-full-year-2020-earnings-results\/","title":{"rendered":"Morgan Stanley Fourth Quarter and Full Year 2020 Earnings Results"},"content":{"rendered":"

<\/p>\n

Morgan Stanley Fourth Quarter and Full Year 2020 Earnings Results <\/b><\/p>\n

Morgan Stanley Reports Fourth Quarter Net Revenues of $13.6 Billion, EPS of $1.81 and ROTCE of 17.7%; Record Full Year Net Revenues of $48.2 Billion, EPS of $6.46 and ROTCE of 15.2%<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–Morgan Stanley (NYSE: MS) <\/b>today reported net revenues of $13.6 billion for the fourth quarter ended December 31, 2020 compared with $10.9 billion a year ago. Net income applicable to Morgan Stanley was $3.4 billion, or $1.81 per diluted share,1<\/sup>compared with $2.2 billion, or $1.30 per diluted share,1<\/sup> for the same period a year ago. The comparisons of current year results to prior periods were impacted by the acquisition of E*TRADE Financial Corporation (\u201cE*TRADE\u201d), completed on October 2, 2020, reported in the Wealth Management segment.\n<\/p>\n

\nFull year net revenues were a record $48.2 billion compared with $41.4 billion a year ago. Net income applicable to Morgan Stanley for the current year was $11.0 billion, or $6.46 per diluted share,1<\/sup> compared with $9.0 billion, or $5.19 per diluted share,1<\/sup> a year ago.\n<\/p>\n

James P. Gorman,<\/b> Chairman and Chief Executive Officer, said, \u201cThe Firm produced a very strong quarter and record full-year results, with excellent performance across all three businesses and geographies. I am extremely proud of how our employees came together to support each other and our communities and deliver for our clients in an incredibly challenging year. Our unique business model continues to serve us well as we further execute on our long-term strategy with the acquisitions of E*TRADE and Eaton Vance. We enter 2021 with significant momentum, and I am very confident in our competitive position and our opportunities for continued growth.\u201d<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n

Financial Summary2,3<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Highlights<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Firm <\/b>($MM, except per share data)\n<\/p>\n<\/td>\n

\n

4Q 2020<\/span><\/b><\/p>\n<\/td>\n

\n\n

4Q 2019<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

FY 2020<\/span><\/b><\/p>\n<\/td>\n

\n\n

FY 2019<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n
    \n
  • \nThe Firm\u2019s full year results reflect both record net revenues of $48 billion up 16% year over year and net income of $11 billion up 22%.\n<\/li>\n<\/ul>\n

    \n\u00a0\n<\/p>\n

      \n
    • \nThe Firm delivered full year ROTCE of 15.2% or 15.4% excluding the impact of integration-related expenses.4,5<\/sup><\/li>\n<\/ul>\n

      \n\u00a0\n<\/p>\n

        \n
      • \nThe full year Firm expense efficiency ratio was 70% excluding the impact of integration-related expenses.5,6<\/sup><\/li>\n<\/ul>\n

        \n\u00a0\n<\/p>\n

          \n
        • \nCommon Equity Tier 1 capital standardized ratio of 17.4%.\n<\/li>\n<\/ul>\n

          \n\u00a0\n<\/p>\n

            \n
          • \nInstitutional Securities delivered record full year net revenues of $25.9 billion. Fourth quarter net revenues were up 39% driven by continued strong client engagement in a constructive market environment.\n<\/li>\n<\/ul>\n

            \n\u00a0\n<\/p>\n

              \n
            • \nWealth Management delivered a full year pre-tax margin of 23.0% (24.2% excluding $231 million of integration-related expenses).7<\/sup> Fourth quarter results reflect growth in client assets, increases in bank deposits and lending as well as strong transactional activity.\n<\/li>\n<\/ul>\n

              \n\u00a0\n<\/p>\n

                \n
              • \nStrong Investment Management results reflect record asset management fees in both the quarter and full year driven by record AUM of $781 billion and record long-term net flows of $41 billion.\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$13,640\n<\/p>\n<\/td>\n

\n\n

\n$10,857\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$48,198\n<\/p>\n<\/td>\n

\n\n

\n$41,419\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCompensation expense\n<\/p>\n<\/td>\n

\n

\n$5,450\n<\/p>\n<\/td>\n

\n\n

\n$5,228\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$20,854\n<\/p>\n<\/td>\n

\n\n

\n$18,837\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation expenses\n<\/p>\n<\/td>\n

\n

\n$3,760\n<\/p>\n<\/td>\n

\n\n

\n$2,896\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$12,926\n<\/p>\n<\/td>\n

\n\n

\n$11,281\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPre-tax income8<\/sup><\/p>\n<\/td>\n

\n

\n$4,430\n<\/p>\n<\/td>\n

\n\n

\n$2,733\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$14,418\n<\/p>\n<\/td>\n

\n\n

\n$11,301\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income app. to MS\n<\/p>\n<\/td>\n

\n

\n$3,385\n<\/p>\n<\/td>\n

\n\n

\n$2,239\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$10,996\n<\/p>\n<\/td>\n

\n\n

\n$9,042\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpense efficiency ratio6<\/sup><\/p>\n<\/td>\n

\n

\n68%\n<\/p>\n<\/td>\n

\n\n

\n75%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70%\n<\/p>\n<\/td>\n

\n\n

\n73%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarnings per diluted share\n<\/p>\n<\/td>\n

\n

\n$1.81\n<\/p>\n<\/td>\n

\n\n

\n$1.30\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.46\n<\/p>\n<\/td>\n

\n\n

\n$5.19\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBook value per share\n<\/p>\n<\/td>\n

\n

\n$51.13\n<\/p>\n<\/td>\n

\n\n

\n$45.82\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$51.13\n<\/p>\n<\/td>\n

\n\n

\n$45.82\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTangible book value per share\n<\/p>\n<\/td>\n

\n

\n$41.95\n<\/p>\n<\/td>\n

\n\n

\n$40.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$41.95\n<\/p>\n<\/td>\n

\n\n

\n$40.01\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on equity\n<\/p>\n<\/td>\n

\n

\n14.7%\n<\/p>\n<\/td>\n

\n\n

\n11.3%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13.1%\n<\/p>\n<\/td>\n

\n\n

\n11.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReturn on tangible equity4<\/sup><\/p>\n<\/td>\n

\n

\n17.7%\n<\/p>\n<\/td>\n

\n\n

\n13.0%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n15.2%\n<\/p>\n<\/td>\n

\n\n

\n13.4%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Institutional Securities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$7,004\n<\/p>\n<\/td>\n

\n\n

\n$5,054\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$25,948\n<\/p>\n<\/td>\n

\n\n

\n$20,386\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment Banking\n<\/p>\n<\/td>\n

\n

\n$2,302\n<\/p>\n<\/td>\n

\n\n

\n$1,576\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$7,204\n<\/p>\n<\/td>\n

\n\n

\n$5,734\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSales & Trading\n<\/p>\n<\/td>\n

\n

\n$4,220\n<\/p>\n<\/td>\n

\n\n

\n$3,194\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$18,792\n<\/p>\n<\/td>\n

\n\n

\n$13,695\n<\/p>\n<\/td>\n<\/tr>\n

\n

Wealth Management<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$5,681\n<\/p>\n<\/td>\n

\n\n

\n$4,582\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$19,055\n<\/p>\n<\/td>\n

\n\n

\n$17,737\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee-based client assets ($Bn)9<\/sup><\/p>\n<\/td>\n

\n

\n$1,472\n<\/p>\n<\/td>\n

\n\n

\n$1,267\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1,472\n<\/p>\n<\/td>\n

\n\n

\n$1,267\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee-based asset flows ($Bn)10<\/sup><\/p>\n<\/td>\n

\n

\n$24.1\n<\/p>\n<\/td>\n

\n\n

\n$24.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$77.4\n<\/p>\n<\/td>\n

\n\n

\n$64.9\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet new assets ($Bn)11<\/sup><\/p>\n<\/td>\n

\n

\n$66.1\n<\/p>\n<\/td>\n

\n\n

\n$27.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$175.4\n<\/p>\n<\/td>\n

\n\n

\n$97.8\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoans ($Bn)\n<\/p>\n<\/td>\n

\n

\n$98.1\n<\/p>\n<\/td>\n

\n\n

\n$80.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$98.1\n<\/p>\n<\/td>\n

\n\n

\n$80.1\n<\/p>\n<\/td>\n<\/tr>\n

\n

Investment Management<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet revenues\n<\/p>\n<\/td>\n

\n

\n$1,100\n<\/p>\n<\/td>\n

\n\n

\n$1,356\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,734\n<\/p>\n<\/td>\n

\n\n

\n$3,763\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAUM ($Bn)12<\/sup><\/p>\n<\/td>\n

\n

\n$781\n<\/p>\n<\/td>\n

\n\n

\n$552\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$781\n<\/p>\n<\/td>\n

\n\n

\n$552\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLong-term net flows ($Bn)13<\/sup><\/p>\n<\/td>\n

\n

\n$8.5\n<\/p>\n<\/td>\n

\n\n

\n$6.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$41.0\n<\/p>\n<\/td>\n

\n\n

\n$15.4\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Fourth Quarter Results<\/b><\/p>\n

Institutional Securities<\/b><\/p>\n

\nInstitutional Securities reported net revenues for the current quarter of $7.0 billion compared with $5.1 billion a year ago. Pre-tax income was $3.2 billion compared with $1.1 billion a year ago.8<\/sup><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Investment Banking revenues up 46% from a year ago: <\/b><\/p>\n

\u00a0<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nAdvisory revenues increased from a year ago driven by higher M&A completed transactions.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

($ millions)<\/b><\/p>\n<\/td>\n

\n\n

4Q 2020<\/span><\/b><\/p>\n<\/td>\n

\n\n

4Q 2019<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Net Revenues<\/b><\/p>\n<\/td>\n

\n\n

$7,004<\/b><\/p>\n<\/td>\n

\n\n

$5,054<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nEquity underwriting revenues increased from a year ago driven by higher revenues on IPOs, blocks and follow-on offerings.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Investment Banking<\/b><\/p>\n<\/td>\n

\n\n

$2,302<\/b><\/p>\n<\/td>\n

\n\n

$1,576<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nAdvisory\n<\/p>\n<\/td>\n

\n\n

\n$827\n<\/p>\n<\/td>\n

\n\n

\n$654\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nFixed income underwriting revenues decreased from a year ago as lower volumes contributed to a decline in bond revenues, partially offset by higher event driven activity.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nEquity underwriting\n<\/p>\n<\/td>\n

\n\n

\n$1,000\n<\/p>\n<\/td>\n

\n\n

\n$422\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nFixed income underwriting\n<\/p>\n<\/td>\n

\n\n

\n$475\n<\/p>\n<\/td>\n

\n\n

\n$500\n<\/p>\n<\/td>\n<\/tr>\n

\n

Sales and Trading net revenues up 32% from a year ago: <\/b><\/p>\n

\u00a0<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nEquity sales and trading net revenues increased from a year ago reflecting strong performance across products and geographies driven by increased client activity, with particular strength in derivatives.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Sales and Trading<\/b><\/p>\n<\/td>\n

\n\n

$4,220<\/b><\/p>\n<\/td>\n

\n\n

$3,194<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nEquity\n<\/p>\n<\/td>\n

\n\n

\n$2,498\n<\/p>\n<\/td>\n

\n\n

\n$1,920\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nFixed Income sales and trading net revenues increased from a year ago reflecting strong performance across businesses, benefitting from strong client engagement and market volatility, with notable strength in foreign exchange and credit products.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nFixed Income\n<\/p>\n<\/td>\n

\n\n

\n$1,664\n<\/p>\n<\/td>\n

\n\n

\n$1,273\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nOther\n<\/p>\n<\/td>\n

\n\n

\n$58\n<\/p>\n<\/td>\n

\n\n

\n$1\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nOther sales and trading net revenues increased from a year ago reflecting gains on investments associated with certain employee deferred compensation plans.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Investments and Other<\/b><\/p>\n<\/td>\n

\n\n

$482<\/b><\/p>\n<\/td>\n

\n\n

$284<\/b><\/p>\n<\/td>\n<\/tr>\n

Investments and Other:<\/b><\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nInvestments\n<\/p>\n<\/td>\n

\n\n

\n$68\n<\/p>\n<\/td>\n

\n\n

\n$68\n<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nOther\n<\/p>\n<\/td>\n

\n\n

\n$414\n<\/p>\n<\/td>\n

\n\n

\n$216\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u2022\n<\/p>\n<\/td>\n

\n

\nOther revenues increased from a year ago primarily driven by a reduction in the provision for credit losses on loans held for investment, mark-to-market gains on loans held for sale related to corporate lending activity and gains on the sale of a commodities related intangible asset.\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Total Expenses<\/b><\/p>\n<\/td>\n

\n\n

$3,844<\/b><\/p>\n<\/td>\n

\n\n

$3,929<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nCompensation\n<\/p>\n<\/td>\n

\n\n

\n$1,575\n<\/p>\n<\/td>\n

\n\n

\n$2,057\n<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nNon-compensation\n<\/p>\n<\/td>\n

\n\n

\n$2,269\n<\/p>\n<\/td>\n

\n\n

\n$1,872\n<\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Total Expenses: <\/b><\/p>\n