Morgan Stanley reported fourth-quarter profit which beat market expectations, outperforming rivals as its focus on advising wealth clients bore fruit, sending its shares up as much as 3.7 percent on Wednesday. The Wall Street investment bank also benefited from a boom in global dealmaking and keeping expenses in check at a time when its peers had been hampered with rising wages and technology costs. Full-year profit, as well as revenue, was a record for the bank, which advised on some of the world’s biggest mergers during the year. Net income surged 37 percent to $15 billion and revenue jumped 23 percent to nearly $60 billion. The bank also lifted its long-term target for return on tangible capital equity (ROTCE), a key metric that measures how well a bank uses shareholder money to produce profit. It is targeting ROTCE of at least 20 percent, up from 17 percent previously. “We are …