Morgan Stanley Group Inc.’s 1988 profit jumped...

Morgan Stanley Group Inc.’s 1988 profit jumped 71% to $394.6 million. Officials of the New York securities company said the results reflected the first substantial sales from its portfolio of merchant banking investments. Although sluggish markets in the United States and Europe reduced underwriting volumes, the firm said, equity and fixed-income divisions performed favorably. For the fourth quarter, net income was up 245% to $108.3 million.