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Morgan Stanley Smith Barney renamed as Morgan Stanley Wealth Management

Morgan Stanley has changed the name of its US wealth management business as Morgan Stanley Wealth Management (MSWM), from Morgan Stanley Smith Barney (MSSB), following integration in the Wealth Management industry.

The rename follows an agreement between Morgan Stanley and Citigroup to increase the former’s majority ownership of MSWM and to allow to take complete control by June 2015, subject to regulatory approval.

Morgan Stanley chairman and chief executive officer James Gorman said, "Today, as we move under one name, we are culminating a three-year effort to integrate two outstanding franchises."

MSWM president Greg Fleming added, "Our name has changed to reflect our integration, but our mission remains the same: We are committed to helping our clients reach their financial goals."

The broker-dealer designation for MSWM will continue to remain under the brand name "MSSB."

The wealth management business manages $1.7 trillion in client assets through a network of 17,000 representatives in 740 locations.

It also offers services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.