Nonetheless, Morgan says it is firmly committed to its retail asset management business and looking to expand it by acquiring specialty firms--particularly in the alternative asset, international and institutional realm--to round out its portfolio. "We are very intent on doing that," Morgan Chief Financial Officer David H. Sidwell told analysts during a recent conference call. "You will see us do it through a variety of things, from adding one or two individuals, which we did in the first quarter, to adding small teams to small bolt-ons.
"And I am using the word 'small' purposely because I think that' sour expectations, that's what we are going. We are looking at a number of potential bolt-ons," Sidwell said.
