June 21 Morgan Stanley said it has
received regulatory approval to buy the remaining 35 percent
stake in its joint wealth management business Morgan Stanley
Smith Barney Holdings LLC from Citigroup Inc.
Morgan Stanley said it will notify Citigroup that it intends
to exercise its right to purchase the remaining interest at a
previously established price of $4.7 billion.
Morgan Stanley Wealth Management, is majority-owned by
Morgan Stanley and was formed by the merger of Morgan Stanley's
wealth management unit and Citigroup's Smith Barney business in
2009. It is the largest U.S. brokerage by adviser headcount and
The closing is expected to take place on or about June 28.