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 turned in $3.7 billion of profit in the fourth quarter, up 147% from a year earlier and exceeding analysts’ estimates of $2.7 billion. The New York-based investment bank posted per-share earnings of $2.