A surge in investor activity late last year and market appreciation boosted Morgan Stanley Wealth Management’s total client assets to $6.2 trillion at the end of the fourth quarter, a 21% increase over the same period last year.

CEO Ted Pick said nearly half of net new assets Morgan Stanley brought in last year landed in fee-generating accounts — and that's right where he wants them.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.

RBC Capital Markets adjusted their outlook on Morgan Stanley (NYSE:MS) shares, raising the price target from $122.00 to $142.00. The firm maintained a Sector Perform rating on the stock. The upgrade comes as Morgan Stanley's stock trades near its 52-week high of $136.