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Asset Management and Securities Services Net Revenues (in millions of dollars)

Asset Management Net Revenues (in millions of dollars)

Securities Services Net Revenues (in millions of dollars)

Commissions Net Revenues (in millions of dollars)


Our Asset Management and Securities Services segment is divided into three categories: Asset Management, Securities Services and Commissions.

Asset Management
Asset Management generates management fees by providing investment advisory services to a diverse client base of institutions and individuals. Assets under management include our mutual funds, separate accounts managed for institutional and individual investors, our merchant banking funds and other alternative investment funds.

Securities Services
Securities Services includes prime brokerage, financing services and securities lending, and our matched book businesses, all of which generate revenues primarily in the form of interest rate spreads or fees.

Commissions includes fees from executing and clearing client transactions on major stock, options and futures markets worldwide. Commissions also includes revenues from the increased share of the income and gains derived from our merchant banking funds when the return on a fund's investments exceeds certain threshold returns (typically referred to as an "override").

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