Morgan Stanley set to enter retail broking

Smith Barney, the retail broking business of Citigroup in Australia, may finally change hands if Citi and Morgan Stanley reach agreement to form a venture that would combine their brokerage units. Morgan Stanley in Australia is confident the proposed joint venture originating in the US will proceed and, as part of that, the domestic Smith Barney business of Citi will directly transfer to Morgan Stanley. At present Morgan Stanley does not operate a retail broking business in Australia.

Source: The Australian