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Monday, April 10, 2006
Smith Barney Funds Take Legg Mason Name
Some months after its marriage with Citigroup's asset management business, Legg Mason announced Friday that almost all Smith Barney mutual funds have now taken the Legg Mason name, and will be known as the Legg Mason Partners Funds. The move signals the beginning of Legg Mason's integration of the fund families that formerly belonged to Citigroup Asset Management.
Last December 1, the two companies completed a trade by which Legg Mason acquired Citigroup's asset management arm, while Citigroup took over the brokerage services of Baltimore-based Legg Mason. With the deal, Legg Mason's AUM closed out 2005 at approximately $850 billion.
The Legg Mason Partners brand has been created for the newly acquired funds of CAM.
Peter Cieszko managing director and head of U.S. distribution for Legg Mason & Co., said in a statement that the change will underscore how the investment products are now affiliated with Legg Mason, "a 'pure' asset management firm with a proven track record in investment management."
Exceptions to the renaming are most Smith Barney retail money market funds, and the Smith Barney Puerto Rico family of funds, which will be renamed at a future date yet to be determined. Other fund families of CAM will be renamed later this year, said a press release.
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