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.
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.
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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.
Morgan 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.
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By GlobalData
Source: Private Banker International
