According to Mallesons partner Joshua Cole, who acted for Citi, these types of deals, involving the co-ordination of legal teams across a number of jurisdictions, are becoming more common in the current environment.

"The GFC has given rise to a number of global transactions which require the crafting of some complex arrangements in very tight timeframes and this one was no exception," Cole said.

Freehills partner Fiona Gardiner-Hill concurred: "The unusual and complex nature of many aspects of the transaction, and the comparative speed with which the deal was implemented, made the work both interesting and challenging."

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The joint venture operation in Australia means that the former business of Citi Smith Barney Pty Ltd will now operate under the name Morgan Stanley Smith Barney Australia Pty Ltd.