Citigroup Affirms Fourth Quarter Close with Legg Mason.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citigroup said today that it is on track to close its transaction with Legg Mason Founded in 1899, Legg Mason, Inc. (NYSE: LM) is a leading Global Asset Management Firm that serves the institutional, mutual fund and wealth management markets. The firm is headquartered in Baltimore, Maryland, and is located on Lombard and Charles Streets in the Legg Mason within the previously announced timeframe of the fourth quarter, targeting December 1, 2005. Citigroup said that voting in the Asset Management businesses' 170 U.S.-registered funds whose shareholders are considering new management agreements is meeting expectations, and that it is pleased with the acceptance the transaction is receiving from institutional clients and retail managed account clients. The Citigroup-Legg Mason transaction involves $437 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (as of September 30, 2005), of which $151 billion are in 170 U.S.-registered funds that are seeking shareholder approval of new management agreements. These 170 funds combined have approximately 6.5 million shareholders. Citigroup announced its intention to sell its asset management business to Legg Mason, in exchange for Legg Mason's broker-dealer business and other considerations, on June 24, 2005. The votes by Fund shareholders are being held to approve new management agreements in connection with the transfer of the asset management business to Legg Mason. Special Meetings for the Funds that have been adjourned or postponed will take place on November 15. Citigroup (NYSE NYSE See: New York Stock Exchange : C), the leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. and Banamex. Additional information may be found at www.citigroup.com Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citigroup's website at www.citigroup.com. Certain statements in this document are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission. |
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