Morgan Stanley profits climb 9% on asset management business

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Investment bank Morgan Stanley says its fourth-quarter profits rose 9% from a year ago, helped by a big jump in fee revenue from its growing asset and wealth management business. The investment banking division also boosted results, as deal-making on Wall Street continued at a frenzied pace. The New York-based firm said Wednesday that it earned $3.7 billion in the quarter, or $2.01 a share, up from a profit of $3.39 billion, or $1.81 a share, in the same period a year ago. The results topped analysts’ expectations.