Legg Mason Inc. is renaming the asset management group it acquired from Citigroup to ClearBridge Advisors.

The name change, which takes effect May 1, "represents our clear sense of purpose and forward direction, along with a strong connection to our heritage," said Brian Posner, chief executive officer of ClearBridge, in a statement.

Under its asset swap with Citigroup, which was completed last December, Legg Mason acquired 170 Citigroup mutual funds and the rest of Citigroup's worldwide asset management business. Citigroup, for its part, took in Legg Mason's private client brokerage and capital markets businesses.

Last month, Legg Mason announced the renaming of the Smith Barney Funds to Legg Mason Partners Funds. In the coming months, the renaming process will be completed for all of the products and services managed by the affiliated advisers of ClearBridge Advisors, according to the news release. 

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