Morgan Stanley's investment banking and sales and trading businesses both delivered double digit revenue growth on the previous quarter, with fixed income underwriting enjoying a record three months.

The investment bank, known as Institutional Securities, delivered a 44% quarter-on-quarter increase in revenues, on what was a disappointing first three months of the year. Fixed income underwriting had its best ever quarter, delivering revenues of $521m, while advisory revenues were up 38% on the first quarter.