Morgan Stanley is to go ahead with its acquisition of Citigroup’s remaining stake in the firms’ joint venture Morgan Stanley Smith Barney, according to media reports.

Morgan Stanley’s chief executive, James Gorman, said he would buy out Citi’s share in the joint brokerage venture MSSB as soon as possible, according to the Financial Times.

“The sooner we get there, the better,” Gorman said at a Securities Industry and Financial Markets Association meeting. “We fully intend to buy as planned, as soon as we possibly can.”

Morgan Stanley which currently owns 51 per cent of MSSB, has options to buy out Citi’s remaining stake in tranches. The first option grants the bank the right to purchase another 14 per cent of the venture at fair market value, “as soon as it triggers” in May 2012. Additional options can be exercised in 2013 and in 2014. MSSB was created in 2009.