TITLE

Citigroup Reaches $3.7B Deal With Legg Mason's Broker-Dealer Group

AUTHOR(S)
Walker, Susanne; Fine, Jacob
PUB. DATE
June 2005
SOURCE
Bond Buyer;6/27/2005, Vol. 352 Issue 32162, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article informs that Citigroup Inc. reached a $3.7 billion agreement with Legg Mason Inc. to sell its asset management business in exchange for the regional firm's broker-dealer business, a deal that will boost the scale and volume of Legg Mason's municipal asset management business and increase Citigroup's private client brokerage and capital markets businesses. Citigroup's municipal mutual fund assets under management currently dwarf those of Legg Mason's fixed-income asset management subsidiary, Western Asset Management Co., with which they will be merged.
ACCESSION #
17458440

 

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