The new name, Morgan Stanley Wealth Management, is set to be in place by the end of September, coinciding with Morgan Stanley’s planned purchase of an additional 14% stake in the business from Citigroup, which now owns 49%.
Smith Barney was started in 1938 and eventually became part of Citigroup, created by Sanford Weill through the 1998 merger of Citicorp and Travelers Group.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The talks of ending Smith Barney name came more than three years ago, when the two New York companies decided to use the Morgan Stanley Smith Barney name for their brokerage joint venture.
By March 2012, possible new names for the operations were being floated to brokers and Smith Barney was not in the list.
In June 2012, Morgan Stanley’s chairman and chief executive, James Gorman said that the unit eventually would be renamed Morgan Stanley Wealth Management.
Off late, officials have started plans to make the move in September 2012. By then, all 16,900 brokers will be using the same technology systems, another big step.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataFurther, after September, the Smith Barney name still will be used in some legal documents and the company will not be immediately replacing everyone’s letterhead and business cards.
