Monday, June 1, 2009

Morgan Stanley Smith Barney

The joint venture between Morgan Stanley and Smith Barney closed today, creating a massive brokerage firm with over 18,000 financial advisors and 1,000 branch offices.

According to press reports, the joint venture will handle each firm's retail operations, which each firm's institutional business will remain separate, although institutional will execute is orders through the joint venture.

What remains to be seen is the effect of the joint venture, if any, on existing relationships between brokers and their respective firms.

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