Wall Street giant Morgan Stanley is dropping the renowned Smith Barney name from its retail brokerage business.
The firm said Tuesday that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management (MSWM). The firm manages $1.7 trillion in client assets, and boasts a network of 17,000 reps in 740 locations.
Earlier this month, Morgan Stanley and Citigroup agreed on a deal that will see Morgan Stanley buy Citi out of the joint venture that created Morgan Stanley Smith Barney by June 1, 2015.
Greg Fleming, president of MSWM, said, “Today, we are one integrated business, with one overarching mission: to earn the trust of our clients every day through superior advice and execution. Our name has changed to reflect our integration, but our mission remains the same: We are committed to helping our clients reach their financial goals.”