Morgan Stanley’s fourth-quarter profit more than doubled, boosted by trading revenue that came in well ahead of estimates on volatility tied to the US elections.

Morgan Stanley's profit more than doubled in the fourth quarter, fueled by a wave of dealmaking and stock sales that drove its revenue to a full-year record.

Morgan Stanley’s institutional securities group, which houses its investment banking and trading businesses, reported revenue of $7.3 billion in the fourth quarter, a 49% jump from $4.9 billion a year earlier.