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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.