Morgan Stanley is to drop Smith Barney from
the title of its wealth management joint venture with
Citigroup.
Speaking at the company’s U.S. Financials
Conference in New York, James Gorman, Morgan Stanley chairman and
CEO, said Morgan Stanley’s joint venture with Citigroup – Morgan
Stanley Smith Barney (MSSB) – will eventually be renamed as Morgan
Stanley Wealth Management.
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Last year it was reported that MSSB polled its
clients about what new name they would most like for the brokerage
division. None of the choices included the Smith Barney name.
Morgan Stanley takes control of the venture
MSSB was created in 2009 through the merger of
Citigroup-owned Smith Barney with Morgan Stanley’s global wealth
management group.
At the time, Morgan Stanley paid $2.7bn in
cash to Citigroup for its 51% share in the venture.
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By GlobalDataMorgan Stanley has recently exercised its
right to acquire a further 14% stake in the venture taking its
holdings to 65%.
Negotiations to determine the purchase price
are currently ongoing.
