Morgan Stanley reported profit that missed analysts’ estimates as it followed competitors in posting a drop in fixed-income trading revenue and said it had a loss in its Asian private-equity investments. Net income fell to $1.02 billion, or 48 cents a share, from $1.69 billion, or 83 cents, a year earlier, the New York-based company said Monday in a statement. Excluding an accounting gain, profit was 34 cents a share, missing the 63-cent average estimate of 23 analysts surveyed by Bloomberg.