Citi gets a Legg up in SMA account trading
Citi Global Wealth Management will acquire the managed account trading and technology platform of Legg Mason Private Portfolio Group.
Citigroup Inc. and Legg Mason Inc. today announced that Citi Global Wealth Management would acquire the managed account trading and technology platform of Legg Mason Private Portfolio Group.
Terms of the transaction were not disclosed.
The deal will allow the Citi to customize Legg Mason’s overlay platform and in turn provide greater flexibility in customizing multi-asset portfolios and as well as operational efficiencies.
Legg Mason is a major player in the asset management space with some $998 billion in assets under management at the end of 2007.
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