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Article: Citigroup Closes Legg Mason Transaction
- Article from:
- AP Online
- Article date:
- December 1, 2005
- Author:
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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BRIAN WITTE, Associated Press Writer
AP Online
12-01-2005
Dateline: BALTIMORE
Citigroup Inc. completed the sale of its asset-management business to Legg Mason Inc. on Thursday in exchange for its broker-dealer unit, a deal executives say will improve services to clients by combining the asset management services of Legg Mason with the lending services of Citigroup.
Legg Mason's more than 1,500 brokers will join Citigroup's Smith Barney brokerage under the deal.
"We think this gets us to where we want to be, which is really to be in the position of our view of being truly a client advocate," Charles D. Johnston, president and CEO of Smith Barney, said in an interview at the headquarters of ...