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They decided to sell or close "non-core" businesses in order to raise money. 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 helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Inclusive Ventures Group From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success.
Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trusts and estate planning, charitable giving, philanthropic planning and other legal matters. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.
Along with Morgan Stanley’s Global Wealth Management business platform, the venture included Citigroup’s U.S. Smith Barney operations, Quilter in the U.K. and Smith Barney Australia. A critical prerequisite for the deal: Morgan Stanley’s option to increase its share in the venture over time with the goal of assuming full ownership.
Jun 1, 2009 · Boy, that is a mouth full. Today, the deal merging Citi’s brokerage (Smith Barney) with Morgan Stanley’s Global Wealth Management Group is closed—ahead of schedule.
Apr 26, 2012 · “Our goal is to build this into a robust offering to meet our clients’ needs, regardless of their impact priorities or what their portfolio fit might require,” said Paul Hatch, Head of Investment Strategy & Client Solutions at Morgan Stanley Smith Barney.
Sep 11, 2012 · Senior negotiators for Citigroup arrived at Morgan Stanley’s offices off Times Square early Monday evening, for talks that stretched long into the night. What emerged was Tuesday’s deal — and a looming end to the Smith Barney name, coined from the 1938 merger of Charles D. Barney & Company and Edward B. Smith.
