Morgan Stanley's profit climbed in the third quarter, and revenue from the stock trading business greatly exceeded analysts' expectations, while the wealth management business absorbed a record amount of new capital. The bank announced on Wednesday that stock trading revenue reached 5.8 billion US dollars, higher than market expectations of 4.9 billion US dollars; the much-publicized wealth management business recorded a record net increase of 232 billion US dollars in net assets. Morgan Stanley said that half of the net new assets were related to the initial public offering. The bank's investment banking business participated in a number of large-scale listing transactions this year, including SpaceX. Elon Musk's space company is also a customer of Morgan Stanley's workplace wealth management channel, which provides equity incentives, retirement plans, and other executive services to corporate employees.

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