![]() stock market will further increase the demand for fixed- income securities in 1998. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arkansas, and 41 other states. "I think frankly, we may have benefited by what happened in October," Tracy said, agreeing with other players that continued volatility overseas and in the U.S. maybe some of those people will take that money and put it into something relatively safe like municipals," he predicted. "We think that, while the stock market distracted a lot of people over the past two years. download logos logo EPS trademarks and logos free Illustrator logotypes brand names vector format Corel Draw brand logos photoshop. Plus, many baby boomers who enjoyed significant gains in the stock market - and who are increasingly concerned with income rather than growth - will be ready to designate more of their assets to fixed-income, Tracy said. "I'm not sure that they're convinced that that's going to happen, and I think they'll decide to take a look at bonds again," Tracy explained. "I think a lot of people have thrown in the towel waiting all year long for rates to go back up," he said. "If you have a couple of scary days like we've had in the stock market, and if people were sitting on the fence, that, combined with the capital gains cut, might just be enough to get people off the fence," Tracy said.Īs investors abandon their allegiance to magic yield levels, more individuals will accept the status quo to earn the all-important tax-free income offered by munis, he suggested. bank branches just two years after it launched an effort to expand that business.Aside from the relative attractiveness of municipals, Tracy said a couple of other factors could bolster demand. For example, last year it began to sell some U.S. Some analysts say that it's been hard to follow Citi's thinking. Paulson, Jr., Chairman and Chief Executive Officer of. Pop Culture Logos for your favorite Brands, Bands, Games, and more Vector & Embroidery This beautiful design comes as a ready-to-go Embroidery or Vector. The company plans to increase its stake in the venture in the next few years. Goldman Sachs to Present at Salomon Smith Barney Financial Services Conference. The venture "is an important step forward in our effort to build our wealth-management franchise," Morgan Stanley CEO John Mack said. Yelp is a fun and easy way to find, recommend and talk about whats great and not so great in. ![]() But the 600 Smith Barney advisers in Citi's bank branches will continue to work for Citi. Morgan Stanley Smith Barney will have 22,000 brokers and serve 6.8 million clients around the globe. wealth-management division Quilter and the Australian unit of Smith Barney. Morgan Stanley will own 51% of the joint venture after folding in its Global Wealth Management Group and making a cash payment to Citi, which will own the remaining 49%. The deal, which the companies say will close in the third quarter, offers Citi "significant synergies and scale, substantially reduces our expenses and enables us to retain a significant stake" in a growth business, Pandit said in a statement.īut it also contributes to the breakup of Citi's grand effort to turn itself into a one-stop "financial supermarket." Pandit has been under pressure to restructure since September, when the federal government began to inject $45 billion into the company, making it Citi's largest shareholder. It will be the nation's leading wealth-management business, with $1.7 trillion in assets. The sale of Smith Barney, one of its crown jewels, to investment bank Morgan Stanley, mswill create a joint venture run by Morgan Stanley, to be called Morgan Stanley Smith Barney. Salomon Smith Barney (Salomon Smith Barney) is a Broker Dealer located in New York, NY United States, North America. ![]() ![]() NEW YORK - Cash-strapped Citigroup, cwhich said Tuesday that it will collect $2.7 billion from a new agreement to sell part of its Smith Barney retail brokerage business, is about to sell hundreds of billions more of its assets.Ĭiti is preparing to sell about a third of the assets on its $2 trillion balance sheet, according to an official with direct knowledge of the company's plans who spoke on background because plans haven't been finalized yet.ĬEO Vikram Pandit likely will offer details when Citi reports its fourth-quarter results on Jan. ![]()
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