Deals
Morgan Stanley Completes Purchase of Smith Barney Venture
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Morgan Stanley completed its purchase of a brokerage joint venture with Citigroup Inc.’s Smith Barney, capping a four-year effort to more than double the size of its wealth-management division.
Morgan Stanley purchased the 35 percent of the business it didn’t own from Citigroup, the New York-based company said yesterday in a regulatory filing. The firm said last week that it would pay $4.7 billion and take a $200 million charge in the second quarter related to the purchase.