Morgan Stanley renames wealth management business

Morgan Stanley renames wealth management as it moves closer to full control of it

Associated Press

NEW YORK (AP) -- Morgan Stanley said Tuesday that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management.

The business manages $1.7 trillion in client assets through a network of 17,000 people in 740 locations. Earlier this month, the company reached a deal with Citigroup Inc. to increase its majority stake in the business and ultimately assume full control of it by June of 2015.

The business was formed in 2009 as a joint venture between Morgan Stanley and Citi's Smith Barney. Its broker-dealer designation will remain Morgan Stanley Smith Barney LLC, Morgan Stanley said.

Morgan Stanley shares rose 16 cents to $17.20 in morning trading while Citigroup shares rose 21 cents to $33.70.

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