ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Morgan Stanley Names Walker, Tracy to New Roles in Brokerage Venture -Memo

By Brett Philbin Morgan Stanley Smith Barney head of Investment Products and Services Andy Saperstein is putting his stamp on a recently reorganized business line, naming two veteran executives, Jim Walker and Jim Tracy, to new roles in the brokerage joint venture. In an internal memorandum to employees, Mr. Saperstein said Mr. Walker would become head of product strategy for Morgan Stanley Smith Barney, while Mr. Tracy will assume leadership of the brokerage's consulting group. The moves follow Saperstein's appointment to head the business--which married the firm's Investment Strategy & Client Solutions and MSSB Capital Markets--roughly two months ago. Previously, he was head of U.S. Wealth Management at Morgan Stanley Smith Barney. Morgan Stanley (MS) has a 51% controlling stake in the brokerage joint venture, while 49% is owned by Citigroup Inc. (C). Mr. Walker, a legacy Smith Barney executive and 27-year industry veteran, will be responsible for developing "product strategy" for the brokerage's investment products and services including private banking as well as coordinating marketing activities across those areas, the memo said. He reports to Mr. Saperstein and Shelley O'Connor, head of the firm's private banking group. Mr. Tracy, who also worked at Smith Barney prior to the joint venture, will lead a consulting group that will include Graystone Consulting, Financial Planning Solutions, the Wealth Planning Centers and the Family Director Program, according to the memo. The consulting group previously included Graystone Consulting, a unit within Morgan Stanley Smith Barney that caters to institutional investors and wealthy clients, but didn't include all of those businesses. The firm's rationale to expand the business is to link its wealth advisory services and the ability of its financial advisers to "serve high net worth households and institutional clients as comprehensively as possible," according to the memo. Morgan Stanley is in negotiations with Citi to purchase another 14% of the brokerage venture. The firm has an option to increase its stake in the business in increments between now and 2014. Last month, The Wall Street Journal reported the two banks had enlisted investment bank Perella Weinberg Partners to appraise the value of their brokerage joint venture, citing people familiar with the situation. Write to Brett Philbin at brett.philbin@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Citigroup (C)
DateTimeHeadline
08/25/201416:31:38Communications Equipment Maker Comtech Mulls Sale -Reuters
08/22/201412:00:09Avolon Pursues IPO as Sale Talks Continue
08/15/201419:26:47Sycamore Preps Shoe Retailer Stuart Weitzman for Sale -Reuters
08/15/201405:27:09Brevan Howard rehires rates-trader Chris Cecere
08/14/201412:49:49European Stocks Gain Despite Weak Growth Figures--2nd Update
08/13/201419:53:15Carlyle Planning IPO for Auto-Paint Firm Axalta -Bloomberg
08/13/201413:20:14Puerto Rico Power Authority Faces Credit Deadline
08/13/201413:06:07Puerto Rico Power Authority Faces Thursday Deadline to Extend...
08/13/201410:40:15Pound Falls on BOE Interest Rate Caution
08/12/201420:39:13Banks Retreat From Market That Keeps Cash Flowing
08/12/201410:10:15China to Raise Nonresidential Natural-Gas Prices
08/10/201422:30:30Citigroup, Mercuria Spar Over China Metals Payment
08/10/201419:55:11Citigroup, Mercuria Battle Over China Metals-Backed Financing...
08/07/201423:30:41BMW China Cuts Prices on Spare Parts
08/06/201402:00:33Audi, Chrysler to Be Punished Over Monopoly Practices in China
08/05/201416:10:12Trustees Seek More Time on Citigroup Settlement
08/05/201415:52:28Trustees Get Extension in Citigroup's Mortgage-Securities Settlement
08/01/201414:30:44Citigroup Could Lose up to $80 Million From Argentina Default
08/01/201414:13:13Citigroup Could Lose up to $80 Million From Argentina Default...
08/01/201410:20:07Chrysler, Nissan Sales Jump in July

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad