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Rating:Closed-Enders Block Citi, Legg Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 06, 2005

Closed-Enders Block Citi, Legg Deal

by: Theresa Sim

Citigroup's closed-end fund shareholders can claim a partial victory in the Citigroup, Legg Mason asset swap. At their request, the New York Stock Exchange has decided to disallow brokers from voting in the proxy battles on behalf of non-voting investors that they advise, reports the Wall Street Journal.

Although shareholders of just six closed-end Citigroup mutual funds have put a proxy fight, the ruling affects all of Citigroup's funds, according to the Journal.

The NYSE wrote in a filing to the SEC that switching the investment advisor for the funds is a "matter which may affect substantially the rights or privileges of such stock," and as such, would not consider the proposals to switch the investment advisor for the Citigroup funds a "routine" matter.

What's behind the opposition? The shareholders are putting up a fight to get management to correct the closed-end funds' discounts.

According to TheStreet, Elliott Associates, a hedge fund that owns six percent of the Salomon Brothers Fund, is leading the charge. 

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