Morgan Stanley (NYSE:MS) beat expectations for revenues and earnings in the first set of results under new CEO Ted Pick, who benefited from a record quarter for wealth management.
Total net revenues of $15.1 billion were reported for the first quarter, up 4% on a year ago and ahead of the $14.5 billion Wall Street consensus forecast.
Net income came to $3.4 billion, or $2.02 earnings per share, which was up 19% on a year earlier and beat the Street's $1.67 average estimate.
Pick said: "As a result of strong net new asset growth, the firm has reached $7 trillion of client assets across wealth and investment management.
"Institutional securities also saw strength across the markets and underwriting businesses. The Morgan Stanley (NYSE:MS) integrated firm model is delivering durable results."
The Common Equity Tier 1 (CET1) capital ratio remained at 15.1% following $1 billion of share buybacks made in the quarter.
Morgan Stanley (NYSE:MS) shares climbed 2.8% to $89.40 in pre-market trading on Tuesday.