Good morning. This is Sharon Yeshaya, Head of Investor Relations. During today's presentation, we will refer to our earnings release and financial supplements. Copies of which are available at morganstanley.com.
Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release. This presentation may not be duplicated or reproduced without our consent.
I will now turn the call over to Chairman and Chief Executive Officer, James Gorman.
James P. Gorman
Thank you, Sharon. Good morning, everyone, and thank you for joining us. The second quarter was met with a mixed market backdrop. The quarter began on a strong footing, but macroeconomic and political uncertainties affected sentiment and conviction. Despite the sharp decline in interest rates and the slowdown in global growth, the business model held up well. Collectively, we produced revenues over $10 billion, an ROE over 11% and an ROTCE of nearly 13%. Our year-to-date efficiency ratio of 71% below the 73% target reflects our commitment to managing expenses tightly, given the risk to global growth.
Despite the challenging environment, Institutional Securities results were solid with aggregate revenues over $5 billion. Our equity underwriting franchise performed well and continued to bring new companies to markets. Issuers were opportunistic and took advantage of fertile markets when available. In advisory, M&A announcements picked up as the quarter progressed. We expect our equity franchise to remain number one globally and fixed income results were at the lower end of our expectations.
Wealth Management produced record PBT and a margin of 28% at the top end of the guidance range we gave through 2019. These results illustrate the resilience of the model. Higher asset levels and strong loan balance growth more than offset the effects of lower interest rates.
Investment Management had very strong second quarter results. This business has meaningfully evolved since we reorganized it approximately four years ago under Dan Simkowitz's leadership. While results do have the potential to be lumpy in this business, obviously, to put the growth in perspective, revenues over the last 12 months are up nearly $900 million since full year 2016. Moreover, increased net long-term inflows should aid asset management fees going forward. We continue to invest in the business and look forward to sharing more about Investment Management in the months ahead.
Turning briefly to the results of this year's CCAR exam. In late June, we announced that we will increase our quarterly dividend for the sixth consecutive year to $0.35 a share a quarter up from $0.30 a share. We also intend to increase our repurchase of common stock from $4.7 billion to $6 billion. Collectively, this represents approximately a 100% gross payout. In addition to increasing our return of capital to shareholders, we were able to invest in the business and completed the acquisition of Solium in the second quarter. We look forward to continuing to work with the Federal
Head of Investor Relations
James P. Gorman
Chairman and Chief Executive Officer
Chief Financial Officer
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