People close to the situation said the discussions over UBS Financial Services – acquired in 2000 in the $11.8bn purchase of PaineWebber, the US brokerage and investment bank – were preliminary and are unlikely to be rekindled.
Since the talks with UBS, Morgan Stanley has fulfilled its goal of boosting its retail business by paying Citigroup $2.7bn for a majority stake in a joint venture of their respective brokerage businesses.
However, news of the talks with Morgan Stanley will raise further questions over the strategy of UBS, which has been buffeted by credit-related losses and a US investigation into its offshore banking activities for American clients.
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