什么是摩根士丹利美邦

摩根士丹利(MS)与花旗集团(C)合资的摩根士丹利美邦公司(Morgan Stanley Smith Barney LLC)表示，已组建了Graystone Consulting，后者是一家为机构投资者和高端私人理财市场提供投资咨询服务的公司。

Graystone是2006年创建的花旗机构咨询公司(Citi Institutional Consulting)的延伸。

由原本属于MorganStanley的Morgan Stanley’s global wealth management和属于花旗集团的SmithBarney合并组成，其中摩根斯坦利控股51%，花旗控股49%

摩根士丹利合并花旗旗下美邦经纪业务公司的交易于2009年一月敲定。新公司将拥有近20390位经纪业务人员和近1.7万亿美元客户资产，“史上最大券商”摩根士丹利美邦公司降生。

史上最大券商

花旗和摩根士丹利在给《第一财经日报》的声明中表示，美邦与摩根士丹利财富管理业务的合并协议已达成一致，摩根士丹利将向花旗支付27亿美元，收购美邦、美邦澳大利亚公司和英国Quilter公司，并持有新公司51%的股份，预计合并将于三季度完成。新公司将拥有近20390位经纪业务人员和近1.7万亿美元客户资产。三年后，摩根士丹利和花旗将获得各种对该合资企业的购买和出售权，但是花旗集团将在五年以内拥有该企业的大量股权。

摩根士丹利和花旗对新公司拥有不同的收购和出售权，花旗将在至少两年内持有大量股权。“从第三年起，摩根士丹利将逐年增加认股权。”花旗银行部门主管EdwardKelly表示，未来交易将按公允价值计算，摩根士丹利持股一旦超过80%，花旗有权要求摩根士丹利在一年内收购所有股份。

摩根士丹利联席总裁詹姆斯·高曼（JamesGorman）将在保留原职的情况下出任新公司董事长，刚刚离任花旗全球财富管理业务美国加拿大区总裁一职的查尔斯·约翰斯顿（CharlesJohnston）将任新公司总裁。

声明表示，合资公司预计可节约大约11亿美元的成本，部分源于关键职能的合理化与合并，其中包括技术、业务运营、销售支持、产品开发和营销。这些运营效能约占合资企业预计开支的15％，但不包括理财顾问的佣金。

各取所需

一不愿透露姓名的知情人士对记者表示，双方此次合作取得了“双赢”。尽管花旗总裁去年还对内部人员表示无意出售美邦，但计划永远赶不上变化。因为“花旗高端客户多，但缺钱；摩根士丹利钱多，但缺客户”。

“摩根士丹利获益匪浅，这笔交易让它能在全球财富管理业务中留下更大足迹。”巴克莱资本驻纽约分析师RogerFreeman在此前的报告中写道，“对摩根士丹利股东来说，最大好处是从往日对手手中拿到一块十分吸引人的资产。”

摩根士丹利董事长兼首席执行官麦克（JohnMack）表示，在未来几年中，该项业务将成为摩根士丹利越来越重要和越来越盈利的业务。

花旗集团首席执行官VikramPandit表示，合资企业将为花旗集团带来显著的协同和规模效应，明显减少开支，并使花旗保有一家即将成为行业领袖且具有切实增长机会的公司的大量股份。

高曼表示：“合并将使两家公司的成本下降趋势保持18个月以上。”高曼称，虽然并购资金使摩根士丹利一级资本率下降1个百分点，但新公司将带给摩根士丹利账面收益。“两家机构的文化较相似，新公司组建将十分顺利。”

根据花旗的预计，交易完成后花旗将实现58亿美元收益，并创造约65亿美元的有形普通股权益。

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As of June 2009.

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