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Does Morgan Stanley own Smith Barney?
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When did Smith Barney merge with Citigroup?
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Does Morgan Stanley own MSWM?
Sep 25, 2012 · Morgan Stanley on September 11 announced an agreement with Citigroup to increase its majority ownership of MSWM such that Morgan Stanley will assume full control by June of 2015, subject to regulatory approval.
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).
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.
Sep 11, 2012 · Morgan Stanley and Citigroup agreed on Tuesday to value their brokerage joint venture, Morgan Stanley Smith Barney, at $13.5 billion, allowing Morgan Stanley to buy full control of the business...
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.
