With the two-year anniversary of the creation of Morgan Stanley Smith Barney, the industry's largest brokerage business continues to take shape.

The continuing transition was immediately evident in January of this year, when Greg Fleming took the helm as president of global wealth management, replacing Charles Johnston. Since then, Fleming has continued to mold the wealth management business that was created in 2009 when Morgan Stanley struck a deal for the then Citigroup business. Under the terms of that deal, Morgan Stanley obtained 51% ownership at the time, with the ability to increase its stake to 100% in five years.

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