Morgan Stanley renames wealth management division
Morgan Stanley has changed the name of its US wealth management business from Morgan Stanley Smith Barney to Morgan Stanley Wealth Management.
The business was formed in 2009 as a joint venture between Morgan Stanley and Citi’s Smith Barney.
The business manages $1.7trn in client assets through a network of 17,000 people in 740 locations.
Morgan Stanley’s broker-dealer designation will remain Morgan Stanley Smith Barney LLC, the company said.
“Over the years, the Smith Barney name has earned broad respect and admiration, and we have deep appreciation for the ways in which the Smith Barney tradition is strengthening our franchise,” said chief executive James Gorman and wealth-management head Greg Fleming.
Morgan Stanley recently increased its stake in the brokerage joint venture to 65% from 51%, purchasing a 14% stake from Citigroup.