Morgan Stanley retains new retail wealth business

Morgan Stanley's local management yesterday denied suggestions that it would look to sell its Australian interest in a new global wealth management joint venture between Morgan Stanley and Citigroup. Yesterday the two banks announced that Citi Smith Barney and Morgan Stanley Global Wealth Management would merge to become Morgan Stanley Smith Barney. A Morgan Stanley spokesman said "We have wanted to develop the retail side of the business. The joint venture is exciting. We are definitely keeping it."

Source: The Sheet