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Article: Legg Mason in no hurry to seal deal with Citigroup.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- June 7, 2005
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Byline: Laura Smitherman
Jun. 7--Baltimore-based Legg Mason Inc., reported to be in talks with Citigroup Inc. to shed its brokerage and expand its investment management business, may not be in a hurry to do a deal, according to industry watchers.
News leaked last week that the two companies are negotiating a potential swap in which Legg Mason's 1,540 brokers would switch to Citigroup's team in return for up to $460 billion in assets that Citigroup invests on behalf of clients.
While such a deal would catapult Legg Mason from a medium-sized player to one of the biggest money managers in the nation, analysts said that Chairman and Chief Executive ...