Morgan Stanley Smith Barney has moved to a bigger office in Ridgefield, Connecticut, where the company will open a new wealth management operation.

The Citigroup and Morgan Stanley joint venture has signed a 10-year lease deal for 8,000 square feet in the Executive Pavilion on Grove Street.

The firm told this publication that Rich Streisfeld will stay on as branch manager but did not reveal more details about the new wealth management office.

Last week, Washington Wealth Management added a wealth advisory team from MSSB and thereby created a presence in Connecticut.

Connecticut is the state with the tenth-highest number of ultra high net worth individuals, according to the research firm Wealth-X. The state had roughly 1,100 residents with more than $30 million in investible assets in 2009.