Morgan Stanley cemented its spot as the most profitable foreign securities company in Japan last year, with trading for hedge funds helping it fend off a challenge by JPMorgan Chase & Co.
Net income at Morgan Stanley’s majority-owned venture with Mitsubishi UFJ Financial Group Inc. grew 5 percent to ¥22.4 billion ($211 million) in the year ended March, beating global rivals for the fourth straight year.
The U.S. bank is upbeat about keeping the momentum even as the novel coronavirus pandemic takes its toll on the economy.