Morgan Stanley’s wealth-management division got a boost from the booming stock market last quarter.
The unit generated $8.23 billion in revenue, up 13% from a year ago, and accounted for 45% of total company revenue.
Assets in Morgan Stanley’s wealth business where financial advisers oversee clients’ holdings increased 17% while assets in the retail wealth business, mostly comprised of E*Trade, rose 24%. The pickups in part reflect rising stock prices that are lifting the valuation of wealthy and mom-and-pop investors’ portfolios.
