Morgan Stanley Wealth Management's profits climbed 11% in the second quarter, rising to $471 million from $426 million a year ago. Client assets topped $2 trillion for the first time.

The firm's net income surged 64% year-over-year to $1.9 billion for the second quarter, up from $1.2 billion for the year prior. The growth was driven in part by strong showings in wealth management and institutional securities.

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