The company has been striving to grow its wealth management business to reduce its dependence on trading
Bengaluru — Morgan Stanley beat analysts’ estimates for a quarterly profit on Wednesday on gains in its wealth management business and lower expenses, sending its shares up 3%.
The company has been striving to grow its wealth management business, which provides financial advice to wealthy clients, to reduce its dependence on trading, which is more exposed to swings in market volatility. Market activity slowed considerably in the first quarter of the year as concerns over the US-China trade war eased and markets rebounded from steep losses in December 2018.
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