Citigroup Completes Sale of Asset Management Business.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 today announced it has completed the sale of its Asset Management business to 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 , Inc. (NYSE NYSE See: New York Stock Exchange : LM), in exchange for Legg Mason's broker-dealer business and other consideration. The sale will result in a fourth quarter gain of approximately $2.1 billion after-tax subject to post-closing adjustments, and reflects the November 30 closing price of the Legg Mason stock that was received as part of the consideration. Citigroup also announced that, simultaneous with the closing of its transaction with Legg Mason, it had completed the previously announced sale of Legg Mason's capital markets business to Stifel Financial Corp. (NYSE: SF). Citigroup (NYSE: 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 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion