Our third priority is to strengthen our management and organizational structure. We want the best people leading Merrill Lynch and we want to create a flatter, more horizontal structure to strengthen accountability, performance and teamwork. Toward that end, I have increased the number of my direct reports and ensured that experienced veterans are filling key leadership roles. I have also bolstered our risk management process to include a committee of senior executives, combining credit and risk management functions, which now reports directly to me every week. Risk-taking is intrinsic to the mission and success of Merrill Lynch, and we will strive to assure that it is appropriately sized to each business. Prudence in trading goes hand-in-hand with management of our balance sheet, including reducing illiquid assets.
Finally, we want to break down any silos and to build up teamwork, cross-selling and a one-firm mindset across the company. As a first step, we are changing our compensation philosophy. Just as we put our clients' interests first in our businesses, we want to put the firm's collective financial results first when it comes to determining compensation. Teamwork is a core value of Merrill Lynch and will be an essential element as we serve our clients in today's volatile markets. We want to leverage to the fullest the talent, innovation and resources across our franchise.
OUR BUSINESS RESULTS
Turning to our businesses, their performance highlights the earnings power and potential of Merrill Lynch.
Global Wealth Management is the face of our franchise in communities across America and the world. We consider our relationships with our clients our most valued resource. During 2007, GWM reported revenue growth of 18%, pretax earnings growth of 59%, and record assets of $1.75 trillion. GWM also generated $30 billion in net new money in the fourth quarter of 2007, the biggest increase since 2000, an inspiring performance in very challenging markets.
Global Markets & Investment Banking results suffered as a result of our exposure to U.S. ABS CDOs and sub-prime mortgages and securities; however we did see revenue growth in certain key businesses including a record year from both Equity Markets and Investment Banking (IBK). IBK growth was balanced, coming from both Advisory and Equity Origination. We placed in the top five league table rankings globally and are well-positioned with a balanced and growing presence in Europe, the Pacific Rim and emerging markets. Our goal is to rise into the top three in league table rankings globally in 2008.
Our Equity Markets business also had a record year, with revenue growth of 23%. Equity Markets is a strong business with a balanced mix between our cash and derivative businesses. We are driving robust growth in equities globally, in the U.S., EMEA and the Pacific Rim.
Finally, in Fixed Income, Currencies and Commodities (FICC), strong revenues in global rates and global currencies were more than offset by negative revenues from U.S. ABS CDOs and sub-prime mortgages and securities. Within FICC, a number of individual businesses generated record revenues, including our interest rate and currencies businesses, which we expect to remain robust in 2008. Our presence in the U.S. and internationally is strong in interest rates, currencies and commodities.
Our Global Research group continues to create profitable investment ideas for clients, and, among other awards, was named by The Wall Street Journal as "Best on the Street" for stock picking. The group is well positioned to identify global growth opportunities, while maintaining a leading U.S. presence.