October 21, 2005
Citigroup Affirms Fourth Quarter Close with Legg Mason
New York – Citigroup said today that it is on track to close its transaction with Legg Mason within the previously announced timeframe of the fourth quarter, targeting December 1, 2005.
Citigroup said that voting in the Asset Management businesses’ 170 U.S.-registered funds whose shareholders are considering new management agreements is meeting expectations, and that it is pleased with the acceptance the transaction is receiving from institutional clients and retail managed account clients.
The Citigroup-Legg Mason transaction involves $437 billion in assets under management (as of September 30, 2005), of which $151 billion are in 170 U.S.-registered funds that are seeking shareholder approval of new management agreements. These 170 funds combined have approximately 6.5 million shareholders.
Citigroup announced its intention to sell its asset management business to Legg Mason, in exchange for Legg Mason’s broker-dealer business and other considerations, on June 24, 2005. The votes by Fund shareholders are being held to approve new management agreements in connection with the transfer of the asset management business to Legg Mason.
Special Meetings for the Funds that have been adjourned or postponed will take place on November 15.
