Morgan Stanley Smith Barney
is a retail brokerage joint venture
between Morgan Stanley
On January 13, 2009, Morgan Stanley
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 17,800 brokers and manages $1.7 trillion in client assets. Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations.
Smith Barney & Co. was formed in 1938 through the merger of Charles D. Barney & Co.
and Edward B. Smith & Co.
. Charles D. Barney & Co., a New York and Philadelphia based firm, was founded by Charles D. Barney
in 1873 following the failure of its predecessor Jay Cooke & Company
. Edward B. Smith & Co., founded in 1892 became a significant player in securities underwriting in 1934 when the firm absorbed the professionals from the securities business of Guaranty Trust Company
, following the passage of the Glass Steagall Act
In 1975 Smith Barney merged with Harris, Upham & Co.
to form Smith Barney, Harris Upham & Co., which, in 1977, was placed under SBHU Holdings, a holding company
. In 1982, SBHU Holdings was renamed Smith Barney Inc.Grant, Tina (ed.) (1996) International......