Morgan Stanley Wealth Management facts for kids
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| Limited liability company | |
| Industry | Financial services |
| Founded | 2009 |
| Founder | Henry S. Morgan, Harold Stanley, Charles D. Barney, Edward B. Smith |
| Headquarters |
,
U.S.
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Area served
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Worldwide |
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Key people
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James P. Gorman (Chairman) |
| Products | Retail brokerage, asset management, investment banking |
| Revenue | US$ 3.423 billion (2014) |
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Operating income
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US$ 1.276 billion (2014) |
| US$ 665 million (2014) | |
| AUM | US$2.05 trillion (2014) |
| Owner | Morgan Stanley (100%) |
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Number of employees
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17,649 (2011) |
Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley.
In the late 1980s the retail brokerage firm Smith Barney was owned by Primerica Financial Services. Commercial Credit purchased Primerica in 1988, for $1.5 billion. In 1992, they paid $722 million to buy a 27 percent share of Travelers Insurance. By the end of 1993, the merged company was known as Travelers Group Inc. In September 1997, Travelers acquired Salomon Inc. (parent company of Salomon Brothers Inc.), for over $9 billion in stock, and merged it with its own investment arm to create Salomon Smith Barney.
In April 1998 Travelers Group announced an agreement to undertake a $76 billion merger between Travelers and Citicorp, creating the largest single financial services company in the world.
On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,649 financial advisors and manages $2 trillion in client assets.
Images for kids
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Smith Barney & Co. logo
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Smith Barney Shearson logo following the purchase of the brokerage business of Shearson Lehman Hutton from American Express
