To streamline and eliminate repetition in its bulky mutual fund complex, Legg Mason will merge selected funds and liquidate others, as it continues accommodating products inherited from last year's Citigroup deal.

The Baltimore-based firm -- which, with approximately $868 billion in AUM as of last March 31, is now the world's fifth-largest asset manager -- announced Wednesday that most of the former Smith Barney and Salomon Brothers mutual funds will be re-branded Legg Mason Partners Funds. Meanwhile, "selective mergers" will reduce the total number of open-ended funds from both families to 119 from 166.

Senior executive vice president Mark Fetting said the changes "will offer shareholders the opportunity for stronger long-term performance with the advantages of greater scale. The resulting fund family will be one of the most comprehensive in the industry."  

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