Morgan Stanley is to purchase a further 14% of
Morgan Stanley Smith Barney (MSSB) from its venture partner
Citigroup.
Morgan Stanley, which already owns 51% of
MSSB, exercised its right to acquire a further stake on 1 June.
As the holding increase has obtained
regulatory approval, the banks are to enter a process of up to 90
days in length to determine the purchase price.
The MSSB venture
Morgan Stanley’s stake increase is an existing
condition of its 2009 joint venture deal with Citigroup.
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By GlobalDataMSSB 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.