Morgan Stanley’s global wealth-management group's pre-tax income more than doubled for the fourth quarter, ended 30 November, rising to $171 million from $84 million last year.

Total client assets rose 11 per cent to $686 billion from a year ago, and client assets in fee-based accounts increased 19 per cent to $206 billion.

Revenue per advisor was up 31 per cent year on year and assets were up 11 per cent despite a 16 per cent decline in advisor headcount to 8,030.

Morgan’s chief executive, John Mack said the firm has made significant progress in executing its strategic plan for wealth management and asset management, including "a number of investments to really build the foundation for future growth, especially in alternatives".

Morgan’s wealth management strategy to focus on ultra high net worth clients has led it to acquire stakes in three alternative asset managers - FrontPoint Partners, Avenue Capital and Lansdowne Partners – and to sell its more down-market UK-based Quilter wealth management business to Citigroup.

“One of the key priorities is to grow our international business, with a focus on the high net worth and ultra-high net worth segments," said David Sidwell, Morgan Stanley's chief financial officer.

“Global wealth management is clearly re-energised under the new management team and is showing measured improvement," Mr Sidwell said.