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An indepth account in the NYT of Morgan Stanley's acquisition of the Smith Barney wealth management unit from Citigroup. The acquisition was made in 2 steps, first with a joint venture and subsequently by buying the remaining 49% of the firm. Morgan Stanley shared expenses with Citigroup in the joint venture phase and reaped the rewards as the investment environment recovered by 2013-2014. The acquisition was made in a poor market environment so that it cost less for Morgan Stanley to acquire the remaining 49% from Citigroup than if it were acquired in 2014.
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James Gorman of Morgan Stanley, Going Against Type
New York Times 06.28.2014
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