US investment bank Morgan Stanley said Thursday it had swung to positive earnings as gains in global wealth management and asset management offset declines in some advisory and trading divisions. Morgan Stanley reported net income of $958 million on revenues of $8.2 billion, up from a loss of $119 million on revenues of $6.9 billion. However, Morgan Stanley said the results were weaker excluding some borrowings whose value fluctuates. Excluding this metric, Morgan Stanley revenues were $8.5 billion compared with $8.9 billion in the year-ago quarter. Excluding this metric, income from continuing operations came in at $1.2 billion compared with $1.4 billion a year ago. Morgan Stanley said advisory revenues were lower due to lower levels of market activity, although equity underwriting revenues rose. The company also garnered higher revenues in debt underwriting. Fixed income and commodities sales were lower. Revenues in equity sales and trading also declined. Morgan Stanley reported higher global wealth management profits and a boost in asset management. Chief executive James Gorman said the company was looking forward to new business opportunities in Japan with its joint venture with Mitsubishi UFH Financial Group, given some of the shifts in Japan's economic policy. Gorman gave a more bullish appraisal of market conditions compared with some banking executives. "Looking forward, while the global environment continues to have moments of fragility, we believe the broad economic outlook for the next several years is stronger than in the recent past," Gorman said. Morgan Stanley shares are down 0.8 percent in pre-market trading.