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Third-Party Independent Research
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Morgan Stanley Smith Barney, through the Citigroup Investment Research division, provides clients with fundamental equity research coverage on hundreds of U.S. companies. These research insights, we believe, offer valuable guidance to all our investing clients. In addition to Citigroup Investment Research and Morgan Stanley Investment Research coverage, we provide to our clients at least one source of third-party independent research on those same companies. Sharing these different viewpoints with you is one of the ways your Financial Advisor can educate as well as offer you perspective on the equity markets and individual securities.
Selecting Our Third-Party Independent Research Providers
We hired an independent consultant pursuant to 2003's global research settlement among Citigroup Global Markets Inc. and various state and federal regulators and the State of New York. This Advisor, after thorough review, has chosen six third-party independent research providers and is responsible for monitoring the quality of the research they offer.
Our Third-Party Independent Research Providers:
Points of view may differ from those of our Analysts
As would be expected, at any given time, our various third-party independent research providers may have differing analyses and opinions from those of Citigroup or Morgan Stanley. That's why it's important you speak with your Financial Advisor about these points of view and weigh carefully all available information before making any investment decision.
Providers' ratings scales also vary
Not only should you be aware of the different points of view among the independent firms, but also the different rating scales these firms use. To reduce some of the confusion that may result from multiple ratings systems, each of the third-party independent research providers has agreed to display a Buy (1), Hold (2), or Sell (3) rating (comparable to the rating scale used by Citigroup). This rating will be in addition to their own proprietary ratings that they will continue to display on their research reports. However, on your account statements, trade confirmations and on this website, you'll see the ratings of Citigroup and the third-party independent research providers displayed using the comparable scale.
For more information, please contact your Financial Advisor.