Citi and Legg Mason Come to a New Agreement
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Wednesday, September 19, 2007

Citi and Legg Mason Come to a New Agreement

A month and a half after reports surfaced that the Citigroup-Legg Mason distribution pact had hit a snag, there has been a renegotiation of the deal. In today's WSJ FundTrack, Tom Lauricella reports that under the new agreement,Citi's brokerage arm, Smith Barney, will retain the exclusive right to sell Legg's funds direct to retail investors for commission. However, Legg will now have the option to peddle its funds though other brokerage firms in fee-based accounts. The former selling agreement was negotiated as part of the 2005 swap, where Legg took Citi's money management arm and in turn Citi moved Legg's 1,200 brokers to its Smith Barney division.

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