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$13.5 billion
- After months of back and forth over the value of their joint venture the two sides agreed that the retail brokerage is worth $13.5 billion. That amount was $8.5 billion less than Citigroup’s own valuation and $4.5 billion more than what Morgan Stanley believed it to be worth.
www.forbes.com/sites/halahtouryalai/2013/06/21/the-moment-morgan-stanleys-been-waiting-for-it-can-buy-all-of-smith-barney/The Moment Morgan Stanley's Been Waiting For, It Can ... - Forbes
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What is Morgan Stanley Smith Barney?
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When did Morgan Stanley become a wealth management company?
Sep 25, 2012 · 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). Morgan Stanley Wealth Management is an industry leader, managing $1.7 trillion in client assets through a network of 17,000 representatives in 740 locations.
In 2009, Morgan Stanley Wealth Management merged with Citigroup’s Smith Barney to create Morgan Stanley Smith Barney. In 2013, Morgan Stanley completed the purchase of the joint venture, becoming the full owner of the massive wealth management franchise.
On January 13, 2009, Morgan Stanley and Citigroup announced the merger of Smith Barney with Morgan Stanley's Global Wealth Management Group, with Morgan Stanley paying $2.7 billion cash upfront to Citigroup for a 51% stake in the joint venture.
Morgan Stanley Smith Barney LLC is a large advisory firm based in Purchase. It manages $729.25 billion of regulatory assets for 1,815,592 client accounts. It has been registered with the SEC as an adviser since 2009 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 47 other states.
- 2000 Westchester Avenue, Purchase, 10577 2530, NY
- 9.1B
Jun 3, 2009 · Morgan Stanley has paid $2.75 billion in cash to conclude a wealth management joint venture with Citigroup’s Smith Barney brokerage unit to compete with Bank of America & Merrill Lynch. Under a revised agreement, Morgan Stanley is paying $214.2 million for 51% of Citigroup’s managed futures business, which is higher than the $2.7 billion ...
Jun 21, 2013 · Morgan Stanley, which already had a pretty powerful brokerage unit of its own, signed up to buy 51% of Smith Barney with an option to buy rest later on.
Mar 24, 2011 · Morgan Stanley doubled the size of its brokerage business by merging with Citigroup's Smith Barney in June 2009, paying $2.7 billion for a 51 percent stake and the right to own the whole...
