The Financial Post reports in its Thursday, Oct. 15, edition that Morgan Stanley's third quarter profit climbed as the firm's equity traders trounced analysts' estimates and the wealth-management operation brought in a record amount of money. A Bloomberg dispatch to the Post reports that the stock-trading business generated revenue of $5.8-billion, compared with expectations for $4.9 billion, while the closely watched wealth business soaked up a record $232-billion in net new assets (all figures U.S.). Morgan Stanley said half of those new assets were tied to initial public offerings. Its IPO bankers have worked on some of the year's biggest listings, including SpaceX. Elon Musk's aerospace company is a customer of Morgan Stanley's workplace channel, which provides clients' employees with benefits including equity compensation, retirement plans and other executive services. "Should this IPO market continue over the next 12 months, we expect to continue to benefit from it," chief financial officer Sharon Yeshaya said, adding that she doesn't foresee a slowdown in new public listings. The surge in new Morgan's wealth-management assets was more than double what analysts had expected.