Morgan Stanley (MS) dropped the Smith Barney name from its brokerage joint venture, changing the brand to Morgan Stanley Wealth Management after buying an additional piece of the unit from Citigroup Inc. (C)
The name change comes three years after the joint venture was formed and two months after Morgan Stanley completed the integration of the two units, the New York-based firm said today in a statement. Morgan Stanley Chief Executive Officer James Gorman said in June that the name would be changed.
“The Smith Barney name stood for investment excellence for three-quarters of a century, and Morgan Stanley Wealth Management will provide the first-class service that has distinguished Morgan Stanley as a firm for more than 75 years,” Gorman said in the statement.
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