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.

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.