Morgan Stanley took complete control of Smith Barney in 2012. This ended the 2009 joint venture between Morgan Stanley and Citigroup: Morgan Stanley Smith Barney.
The Smith Barney name came about in 1937 when Charles Barney's Philadelphia brokerage and Edward Smith's investment banking operations merged. The resulting company focused on mergers, acquisitions and asset management. It was known for its tagline, "They make money the old-fashioned way -- they earn it." Smith Barney saw several changes of ownership in the 1980s and 1990s before Citigrroup acquired it. The Financial Crisis led to a joint venture with Morgan Stanley who subsequently paid $13.5 billion to assume total control of the brokerage.