Morgan Stanley profits climb 9% on asset management business
NEW YORK (AP) — Investment bank Morgan Stanley said fourth-quarter profit rose 9% from a year ago, helped by a surge in fee income from its growing management business of assets and heritage. The investment banking division also boosted its results, as trading on Wall Street continued at a blistering pace.
The New York-based company said Wednesday it earned $3.7 billion in the quarter, or $2.01 per share, compared with earnings of $3.39 billion, or $1.81 per share, at the same period a year ago. The results exceeded analysts’ expectations.