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Morgan Stanley Wealth Management Logs Solid Quarter

Ross Snel

(MS)’s wealth management business reported better-than-expected first-quarter results, rebounding from a rocky fourth quarter. The unit’s net revenue came in at $4.39 billion, up 6% from the fourth quarter of 2018 and flat from a year earlier. Meanwhile, pretax profit was $1.19 billion, up 18% from last year’s fourth quarter and 2% year over year.