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Does Morgan Stanley own Smith Barney?
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In the late 1980s, the retail brokerage firm Smith Barney was owned by Sanford I. Weill 's Primerica Corporation. Commercial Credit purchased Primerica in 1988, for $1.5 billion ($3,864,378,165 today).
Sep 25, 2012 · New York —. Morgan Stanley (NYSE: MS) today announced that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management (MSWM).
Sep 11, 2012 · Morgan Stanley has reached an agreement to take full control of the Smith Barney retail brokerage joint venture, a business that it has called a crucial part of its future.
In 2009, Morgan Stanley established a new broker-dealer that combined Morgan Stanley's Global Wealth Management Group with Citi's Smith Barney in the U.S., Quilter in the UK and Smith Barney Australia retail units into a new wealth management firm.
In 2009, Morgan Stanley purchased Smith Barney from Citigroup and the new broker-dealer operates under the name Morgan Stanley Smith Barney, the largest wealth management business in the world.
They reached out to Citigroup CEO Vikram Pandit with a bold proposal: Morgan Stanley wanted to form a majority-owned joint venture with Citi’s Smith Barney unit with the goal of ultimately taking over the whole business. For Citigroup, the deal would mean more capital and a likely boost in earnings.
Jun 21, 2013 · Morgan Stanley agreed to buy 51 per cent of Smith Barney from Citi in 2009 during the depths of the financial crisis. It struck a deal last year to buy the rest of the brokerage in stages.
