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"Morgan Stanley announced Friday that it has received all regulatory approvals to acquire the remaining 35% interest in Morgan Stanley Smith Barney Holdings LLC (MSSBH) from Citigroup, fulfilling a key strategic priority. Upon the close of the purchase, Morgan Stanley will own 100% of the business, which operates under the name Morgan Stanley Wealth Management.Morgan Stanley will notify Citigroup that it intends to exercise its right to purchase the remaining interest at a previously established price of $4.7bn, payable in cash. The closing is expected to take place on or about June 28, 2013. James Gorman, Chairman and Chief Executive Officer of Morgan Stanley, said: 'This is a historic day for Morgan Stanley. It is the culmination of a multi-year effort to transform our business model into one that offers stronger shareholder returns and greater stability in volatile markets. Immediately upon closing, we expect to start seeing the benefits of 100 percent ownership &amp;ndash; including an expanded deposit base, unique syndication and distribution capabilities and enhanced opportunities for both our wealth management and institutional clients. 'Today, the power of Morgan Stanley&amp;rsquo;s platform &amp;ndash; a premier investment bank and one of the world&amp;rsquo;s preeminent wealth and asset management franchises &amp;ndash; is clearer than ever before. With this milestone behind us, we have added momentum to carry out our full plan to achieve higher shareholder returns'.And the Best Place to Work in the global financial markets 2015 is..."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.hitc.com/en-gb/2013/06/21/morgan-stanley-receives-final-regulatory-approvals-to-purchase-r/>