Morgan Stanley Wealth Management is gearing up for growth as it reported numbers from the first full quarter during which it owned 100% of its wealth management business.
Executives at the firm said on a conference call that the firm was beginning to witness the benefits of its acquisition of the remaining 35% stake in Smith Barney from Citigroup on June 28. The firm posted a $668 million profit compared to $247 million in the same quarter last year as it reduced acquisition-related expenses and improved margins from 8% to 19% year-over-year.
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