Morgan Stanley is looking to rename its retail brokerage joint venture Morgan Stanley Smith Barney by early next year, The Wall Street Journal reports. The bank currently owns a 51% stake in Morgan Stanley Smith Barney, while the rest is owned by Citigroup.
Morgan Stanley can start acquiring Citigroup’s 49% share in the firm in three installments starting in May next year. Morgan Stanley also aims to increase its marketing of the brokerage firm, once the name change is finalized.
Click here for the story from The Wall Street Journal.