In the absence of its own discretionary mutual fund program, Smith Barney
is launching Legg Mason
's Mutual Solutions
wrap to Smith Barney's financial advisors.
The firm is reported to be considering other Legg Mason products for future adoption. Already, wider distribution through Smith Barney means Legg Mason can expect a big increase on the $800 million currently managed in its Mutual Solutions platform.
This development follows on Legg Masonís asset swap with Citigroup
, of which Smith Barney is a division. Under terms of the swap, announced last June and completed last December, Baltimore-based Legg Mason acquired 170 Citigroup mutual funds and the rest of Citigroupís worldwide asset management business. Citigroup, in turn, took on Legg Masonís private client brokerage and capital markets businesses.
Smith Barney will add the Mutual Solutions
program to its recently introduced non-discretionary program, Smith Barney Advisor
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