Morgan Stanley Ditches Smith Barney NamePosted by in Blog on October 3, 2012
Smith Barney is no more, notes OnWallStreet.c om. Morgan Stanley, which purchased Smith Barney, has now changed the name of its financial advisory practice from Morgan Stanley Smith Barney to Morgan Stanley Wealth Management.
Many people remember the Smith Barney name because of the commercials starring “Paper Chase” star John Houseman, who used to intone: “They make money the old fashioned way: They earn it.” But the name Smith Barney was itself due to a 1938 merger between Edward Smith and Charles Barney, both Philadelphia brokers.
Smith Barney “has been both predator and prey in the acquisition business,” OnWallStreet.com says, The company bought Harris, Upham and Company in 1975. They also were acquired by Primerica in 1987 before being part of Morgan Stanley.
The name Smith Barney is just the latest financial firm name to go to the graveyard, the article says, the way Salomon Brothers, Paine Webber, and E.F. Hutton have also bitten the dust.
Written by Lisa Swan