Legg Mason gets
Citigroup’s $437 billion asset management businesses, excluding some Latin American units. This includes the Smith Barney and Salomon Brothers mutual fund families as well as funds managed for institutions, retirement accounts and wealthy individuals.
The ability to sell Legg Mason mutual funds through Citigroup’s huge system, which includes the Smith Barney brokerage.
Citigroup gets
Legg Mason’s brokerage business, consisting primarily of 1,540 financial advisers who work in 127 offices. Assets in those accounts totaled $92.6 billion as of March 31.
Legg Mason’s capital markets business, which arranges securities sales and transactions by corporations and municipalities and provides research on stocks.
Legg Mason stock worth about $1.5 billion.
About $550 million in cash, financed by a Citigroup loan. (Separately, Legg Mason is buying an 80 percent interest in The Permal Group, one of the world’s largest investors in hedge funds with $20 billion in assets under management, mostly overseas.)
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