Morgan Stanley Investment Management's assets under management declined by $36bn (€37.6bn) or 7% to $451bn in the second quarter, compared to the same time period last year.

The decline was a result of a fall in market value as well as a loss of client money. The manager's retail assets were worst hit, coming in $34bn lower than in the second quarter last year, standing $269bn. Institutional assets were $2bn lower than in the second quarter last year, now totalling $182bn.