Published on 11th September 2012
An independent appraiser has set the value of Morgan Stanley Smith Barney at $13.5 billion, setting the stage for Morgan Stanley to buy full control of the retail brokerage giant from its partner in the venture, Citigroup. The valuation, which was set by the investment bank Perella Weinberg Partners, is a victory for Morgan Stanley, which had previously assessed the value of the enterprise at $9 billion. Citigroup had said the value of the brokerage business was closer to $23 billion. With the agreement, Morgan Stanley will buy out Citigroup’s remaining 14 percent stake. The New York Times