Morgan Stanley renames wealth management business

NEW YORK (AP) -- Morgan Stanley said Tuesday that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management. The business manages $1.7 trillion in client assets through a network of 17,000 people in 740 locations. Earlier this month, the company reached a deal with Citigroup Inc. to increase its majority stake in the business and ultimately assume full control of it by June of 2015. The business was formed in 2009 as a joint venture between Morgan Stanley and Citi's Smith Barney. Its broker-dealer designation will remain Morgan Stanley Smith Barney LLC, Morgan Stanley said. Morgan Stanley shares rose 16 cents to $17.20 in morning trading while Citigroup shares rose 21 cents to $33.70. Published: Thu, Sep 27, 2012