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Morgan Stanley’s Wealth Management hits record revenue

Even though the firm’s traders underperformed predictions, Morgan Stanley’s revenue slightly outperformed analysts’ expectations on a record in wealth management.

Morgan Stanley’s wealth management division recorded revenue of $6.62 billion, up 5.9% from a year earlier, thanks to higher net interest income brought in by rising rates. The New York-based company’s trading division reported fourth-quarter revenue of $3.6 billion, which was lower than the $4.07 billion experts had predicted.

Assets in the division increased from the third quarter to $4.19 trillion,

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