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

Walker, Susanne; Fine, Jacob
June 2005
Bond Buyer;6/27/2005, Vol. 352 Issue 32162, p6
Trade Publication
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.


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