Wells Fargo & Co. reported that revenue and profit from its from wealth, brokerage and retirement business rose in the fourth quarter, fuelled by an increase in fees and commissions.

Revenue rose 15 per cent to $3 billion in the fourth quarter compared to 2009. Net income in the fourth quarter was $197 million down $59 million from third quarter 2010 and up $213 million from fourth quarter of 2009, which included an auction rate securities settlement.

While the bank doesn’t break out earnings for wealth management it did say investment management and trust asset-based revenue in the unit was up 6 per cent from fourth quarter 2009.

Overall Wells Fargo reported fourth quarter profit of $3.4 billion compared with $2.8 billion a year ago.