Legg Mason Drops Citigroup Branding From Managed Accounts

Jason Corcoran

5 October 2006

Baltimore-based Legg Mason has dropped the Citigroup branding from its separately managed account business, which services high net worth individuals. The move follows Legg Mason's acquisition last year of the asset management operations of Citigroup in a deal worth $3.7 billion. Equity portfolios will take the ClearBridge name, fixed income portfolios will be given the Western Asset Management brand while balanced accounts will use Legg Mason. The firm also announced the new names for the investment managers that provide investment advisory services for its SMAs. CAM North America is now ClearBridge Advisors, and Salomon Brothers Asset Management is ClearBridge Asset Management. It was previously announced that most of Citigroup's former Smith Barney and Salomon Brother mutual funds are to be re-branded Legg Mason Partners Funds.