The new joint venture in wealth management by Morgan Stanley and Citigroup has formed a new firm to provide investment consulting advice to institutional investors and the upper-tier private wealth market.

The new firm, Graystone Consulting, is an outgrowth of Citi Institutional Consulting, which was formed in 2006.

Graystone is currently comprised of 30 institutional-focused teams in locations across North America. Its current client roster includes corporate retirement plans, foundations and endowments, health care organizations, state and local governments, and it also offers an array of specialized consulting services to wealthy families and family offices.

The investment consulting teams will now be able to draw upon the asset allocation and investment manager research and analytics of the new Morgan Stanley Smith Barney LLC.” The teams also have access to performance reporting, custody services and other institutional-quality capabilities.

IE