has agreed to sell the sales and trading operations that it acquired in an asset swap with Legg Mason to St. Louis-based Stifel Financial
, the companies announced
Stifel will pay Citigroup the net book value of Legg Mason's Capital Markets business, plus a premium of up to $37 million. Legg Mason's Capital Markets business includes includes investment banking, equity and fixed income research, equity sales and trading, structured finance, and taxable fixed income sales and trading.
The transaction is expected to close in the fourth quarter of this year.
Legg Mason CM's entire management team and "other key associates" have agreed to join Stifel. They will remain working out of their present location.
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