In for a penny, in for a pound. That is one approach Morgan Stanley could take in coming negotiations over boosting its stake in Smith Barney.

Morgan, which owns 51% of the brokerage joint venture with Citigroup, has the option this spring to purchase a further 14%. There are rumblings, though, that Morgan chief James Gorman may be inclined toward an outright purchase of the remaining 49%, rather than waiting until 2014 to finish the deal.