(Reuters) - An arbitrator appraised the Morgan Stanley Smith Barney brokerage at $13.5 billion as part of an agreement for Morgan Stanley to buy another 14 percent of the joint venture from Citigroup Inc , the companies said on Tuesday.
Morgan Stanley had previously said the venture was worth about $9 billion and CITIGROUP (C.NY)had said it was worth $22 billion, according to earlier disclosures by Citigroup.
(Reporting by David Henry and Lauren Tara LaCapra in New York; Editing by Gerald E. McCormick.)