Morgan Stanley Wealth Management
Parent Morgan Stanley | | |
Website | www |
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Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley. On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets.[1] Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations.
On September 25, 2012, Morgan Stanley announced that its U.S. wealth management business was renamed "Morgan Stanley Wealth Management". The broker-dealer designation for Morgan Stanley Wealth Management will remain "Morgan Stanley Smith Barney LLC".[2]
History
Smith Barney & Co. was formed in 1938 through the merger of
In 1975, Smith Barney merged with Harris, Upham & Co. to form Smith Barney, Harris Upham & Co., which, in 1977, was placed under SBHU Holdings, a holding company. In 1982, SBHU Holdings was renamed Smith Barney Inc.[4] During the 1980s, the company was known for its television commercials featuring actor John Houseman, with the catchphrase, "They make money the old-fashioned way. They earn it."[5] After Houseman stepped down, the campaign continued with various actors, such as Leo McKern, Joel Higgins and George C. Scott.
In the late 1980s, the retail brokerage firm Smith Barney was owned by
In 1993, Weill bought stockbroker Shearson back from American Express for $1 billion ($2,109,191,431 today), and merged it into Smith Barney.[6][7] (Weill had been in charge of Shearson Loeb Rhoades and sold it to American Express in 1981.[8]) Weill offered
In September 1997, Travelers acquired Salomon Inc. (parent company of
At the time of the
Sale to Morgan Stanley
During the
On June 1, 2009, Morgan Stanley and Citigroup announced they closed early on the launch of their joint venture that combines Morgan Stanley's wealth management unit (including many former Dean Witter assets) with Citi's Smith Barney brokerage division. The new venture, called Morgan Stanley Smith Barney, was supposed to launch during the third quarter. The combined entity generates about $14 billion in net revenue, has 18,500 financial advisors, 1,000 locations worldwide and serves about 6.8 million households.[18]
Citigroup disclosed on September 17, 2009, they would sell their remaining shares in the group to partner Morgan Stanley.[19]
Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):[20]
Morgan Stanley
Smith Barney (merged 2009) |
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References
- ^ Kapner, Suzanne; Lucchetti, Aaron (February 22, 2012). "Citigroup Faces Smith Barney up from 546$Billion in november 2007 Hit". The Wall Street Journal. Retrieved May 20, 2012.
- ^ "Morgan Stanley Smith Barney is Now Morgan Stanley Wealth Management" (Press release). Morgan Stanley. Sep 25, 2012. Retrieved October 16, 2012.
- ^ Business: Marriage of Convenience. TIME Magazine, December 20, 1937
- ISBN 1-55862-218-7
- ^ Elliott, Stuart (August 25, 1995). "THE MEDIA BUSINESS: ADVERTISING; Smith Barney summons the ghost of a haughty John Houseman in a revival of its 'timeless' ads". The New York Times.
- ^ Business Week. Archived from the originalon December 9, 2012. Retrieved July 15, 2010.
- ^ Rob Wells, "American Express Sells Shearson Unit to Primerica", The Dispatch, March 13, 1994, accessed July 16, 2010
- ^ "American Express to Buy Shearson as Takeovers Transform Wall St". The New York Times.
- ^ "Plumeri next Willis CEO; Former Citigroup executive to succeed Reeve". Business Insurance. October 2, 2000. Archived from the original on September 10, 2012. Retrieved July 15, 2010.
- ^ "Willis chief discusses changes in financial services. (Willis Group Ltd. CEO Joseph J. Plumeri)(Interview)". Business Insurance. January 15, 2001. Retrieved July 15, 2010.[dead link]
- ^ Ben Duronio (June 12, 2012). "Morgan Stanley Is Killing 'Smith Barney' — Here's The Story Of How It Died". Business Insider.
- ^ Gilsanz, Ramon; Edward M. DePaola; Christopher Marrion; Harold "Bud" Nelson (May 2002). "WTC7 (Chapter 5)". World Trade Center Building Performance Study (PDF). FEMA. Archived (PDF) from the original on March 5, 2008. Retrieved February 17, 2008.
- ^ "Building: 7 World Trade Center". CNN. 2001. Archived from the original on October 13, 2007. Retrieved September 12, 2007.
- ^ "Morgan Stanley and Citi to Form Industry-Leading Wealth Management Business Through Joint Venture" (PDF). Citigroup. January 13, 2009. Archived from the original (PDF) on 2009-02-06. Retrieved January 13, 2009.
- ^ "Morgan Stanley Completes Mitsubishi Deal". The New York Times. 29 September 2008. Retrieved 4 November 2020.
- ^ Ellis, David (22 September 2008). "Morgan Stanley to sell stake to Japan's MUFG". cnn. Retrieved 4 November 2020.
- ^ "Breakingviews - Morgan Stanley has paid off smartly for MUFG". reuters. 15 May 2018. Retrieved 4 November 2020.
- ^ BusinessWeek
- ^ Rieker, Matthias (September 17, 2009). "Citi Plans to Shed Stake in Smith Barney". The Wall Street Journal.
- ^ "Salomon Smith Barney" from Gambee, Robert. Wall Street. W. W. Norton & Company, 1999. p. 73