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Article: Former Legg Mason broker takes on Citigroup; Client transfers halted after he left.(News)
- Article from:
- Investment News
- Article date:
- April 24, 2006
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly
NEW YORK - When Legg Mason Inc. and Citigroup Inc. traded business units last year, one broker's nightmare was about to begin.
Looking to escape the perceived cultural problems of a huge national firm at New York-based Citigroup's Smith Barney unit and to work as an independent adviser, Jack Ditt decided to leave Legg Mason at the end of December. He had been a broker at the firm for 15 years.
He registered as an investment adviser and by January opened an office about a block away from his old branch in Shreveport, La. Mr. Ditt joined Schwab Institutional as an RIA, christening his firm Eagle Financial Management Services ...