The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg Mason To Close Two Salomon Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 06, 2006

Legg Mason To Close Two Salomon Funds

by: Armie Margaret Lee

Legg Masonís asset swap with Citigroup spells doom for two small funds that carry the Salomon Brothers brand. The closings are unrelated to earlier battles between shareholders in two closed end funds that were traded to Legg Mason. In this case, the funds are small clones of existing products that are not economical to keep open.

Legg Mason said it plans to close the Salomon Brothers All Cap Value Fund and Salomon Brothers Large Cap Growth Fund -- two of the funds it acquired as part of last yearís deal with Citigroup -- in a filing with the SEC. The funds have assets of $12.9 billion and $5.5 million, respectively.

"These are long planned closures of two tiny funds," Mary Athridge, a spokeswoman for Legg Mason told the MFWire. "These two are clone funds of others that already existed."

The funds will be closed in end-April, she added.

Under the asset swap, which was announced last June and completed in December, Legg Mason acquired 170 Citigroup mutual funds and the rest of Citigroupís worldwide asset management business while Citigroup took in Legg Masonís private client brokerage and capital markets businesses.

Athridge said Legg Mason will continue to evaluate the fund lineup "as is common after any acquisition." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use