Barney & Co., a New York and Philadelphia based firm, was founded by Charles D. was formed in 1938 through the merger of Charles D. The broker-dealer designation for Morgan Stanley Wealth Management will remain "Morgan Stanley Smith Barney LLC".
wealth management business was renamed "Morgan Stanley Wealth Management". On September 25, 2012, Morgan Stanley announced that its U.S.
Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets. On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. It is the wealth & asset management division of Morgan Stanley. " Financial Services Modernization Act of 1999, commonly called Gramm-Leach-Bliley.Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. " The Ten Most Influential Women in Technology."įederal Reserve History. " Broker-Dealer Policies and Procedures Designed to Segment the Flow and Prevent the Misuse of Material Nonpublic Information,", Executive Summary. " Ending a NYSE tradition: The 1975 Unraveling of Broker's fixed commissions and its Long term impact on Financial Advertising,". " Ethical Conflicts and ADR Using Screening Walls and Advance Waivers to Manage Conflicts of Interest."įairfield University. Superior Court (1988)."Īmerican Bar Association. " The Glass-Steagall Act: A Legal and Policy Analysis,". " Investment Management and the Glass-Steagall Act-The Emperor's New Clothes," Pages 1,5.Ĭongressional Research Service. Spurred by the stock market crash of 1929 (partly attributed at the time to price manipulation and trading on inside information), Congress passed the 1933 Glass-Steagall Act (GSA), demanding the separation of commercial and investment banking activities-that is, investment banks, brokerage firms, and retail banks. The Chinese Wall and the 1929 Stock Market Crashĭeriving from the Great Wall of China, the ancient impervious structure erected to protect the Chinese from invaders, the term " Chinese wall" came into popular parlance-and the financial world-during the early 1930s. Despite these regulations, many investment firms continued to engage in fraudulent practices, as became evident during the dotcom crash of 2001 and the subprime mortgage crisis of 2007.Over the decades, Congress has enacted legislation regulating insider trading, increasing disclosure requirements, and reforming broker compensation practices.The offensive term became popular after the stock market crash of 1929 spurred Congress to enact legislation to separate the activities of commercial and investment banks.A Chinese Wall refers to an ethical concept that acts as a virtual barrier prohibiting groups or individuals within the same organization from sharing information that could create a conflict of interest.
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