Morgan Stanley said fourth-quarter shareholder profit surged 60 percent as rising fees from wealth management offset the weak fixed-income trading results that have marred its competitors earnings.
The results indicate Morgan Stanley's strategy of diversifying its businesses to reduce its reliance on traditional investment banking operations may be paying off.
The second-largest U.S. investment bank said fourth-quarter shareholder profit was $600 million, or 41 cents a share, compared with $376 million, or 29 cents, a share in the same quarter in 2009.
The bank's global wealth management joint venture with Citigroup Inc generated income for Morgan Stanley of $166 million, up from $29 million a year earlier.
(Reporting by Dan Wilchins; editing by John Wallace)