ís 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."
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