Sun coverage: Legg Mason-Citigroup deal

Coverage of Legg Mason Inc.'s agreement to swap its brokerage for Citigroup Inc.'s asset-management business in a $3.7 billion deal.

October 26, 2005

Legg CEO says deal with Citi is on track

The chairman and chief executive officer of Legg Mason Inc. told investors and analysts yesterday that the Baltimore firm is making "dramatic progress" toward completing its deal with Citigroup Inc. that would double the assets it manages for clients.

October 18, 2005

Legg, Citigroup deal slips to Dec.

The target date for Legg Mason Inc. and Citigroup Inc. to close their $3.7 billion business swap has slipped to December as the companies grapple with one of their biggest hurdles - persuading mutual fund shareholders to approve the idea.

September 13, 2005

Legg's capital markets unit sold

Stifel Financial Corp. has agreed to buy Legg Mason's investment banking, research and trading operations, which Citigroup Inc. had inherited as part of a separate deal.

September 8, 2005

Citigroup-Legg deal runs into some snags

At least part of Legg Mason Inc.'s deal with Citigroup Inc. to swap parts of their businesses, which both firms hope to seal by the end of the year, could be held up by a regulatory ruling and a few unhappy mutual fund shareholders.

August 26, 2005

Division at Legg stung by defections

Legg Mason Inc.'s capital markets division, which the Baltimore firm agreed to sell along with its brokers to the financial powerhouse Citigroup Inc., has been stung by a string of defections to competitors as employees speculate that their division will soon be sold again.

July 27, 2005

Legg gains, stock tumbles

Legg Mason Inc., which is poised to become the fifth-largest money manager in the world, saw its stock tumble from historic highs after its earnings report yesterday fell short of Wall Street expectations.

July 15, 2005

Bill Atkinson: Legg Mason's broker king key piece of deal with Citi

IN THE MAIN dining room at Shula's on West Fayette Street, over cocktails and a dinner featuring 12-ounce strip steaks and filet mignon, Smith Barney executives gave Marvin H. McIntyre and an elite group of Legg Mason brokers their best sales pitch.

July 9, 2005

Legg's brokers wooed in swap

Top brokers at Legg Mason Inc. are facing a seemingly enviable predicament: Change their business cards to Smith Barney and get cash and stock worth at least $1 million, or take their clients to some other brokerage for as much as twice that amount.

July 6, 2005

With deal, Legg enters risky realm of hedge funds

Thousands of people with a penchant for the markets and a creative idea to beat them run hedge funds, or investment pools for the uber-rich. By Isaac Souede's estimation, though, only about one in 50 is any good.

July 2, 2005

Morgan Stanley may mimic Citi-Legg

NEW YORK - Morgan Stanley Chief Executive Officer John J. Mack may consider selling the company's asset-management business as he takes over the world's largest securities firm that he helped create eight years ago.

June 26, 2005

Mason holds $830 billion of investors' money in his hands

After the conference call to his employees, after he briefed the stock analysts and the media and watched Wall Street exult over the prospect of Legg Mason Inc. morphing into the world's fifth-largest money manager, Raymond A. "Chip" Mason sat down and pondered the hard part, which hasn't happened yet.

June 25, 2005

Legg Mason, Citigroup agree to swap business

Legg Mason Inc. agreed yesterday to trade its brokerage unit for the money management business of financial giant Citigroup Inc. in a $3.7 billion deal that transforms the Baltimore-based firm from a regional player into the world's fifth-largest money manager.

June 26, 2005

Bill Atkinson: Citigroup deal also surprised 'Chip' Mason

IDIDN'T BELIEVE "Chip" Mason would do it.

June 25, 2005

Mutual-fund reform played role in deal

Neither was at the negotiating table, but New York Attorney General Eliot Spitzer and retiring Securities and Exchange Commission Chairman William H. Donaldson played a supporting role in Legg Mason Inc.'s $3.7 billion deal to swap businesses with Citigroup Inc.

June 25, 2005

Deal overview

Legg Mason gets

June 25, 2005

Mason says 'few' jobs will be lost

"Few" jobs will be lost as a result of the agreement announced yesterday between Citigroup Inc. and Legg Mason Inc., Legg Mason CEO Raymond "Chip" Mason said yesterday.

June 25, 2005

Legg promises its customers a smooth switch

Legg Mason Inc. promises its customers a smooth transition when the Baltimore company swaps businesses with Citigroup Inc. and analysts predict those investors may even see lower fees as a result of the $3.7 billion deal announced yesterday.

June 23, 2005

Citigroup, Legg talks might be nearing end

Legg Mason Inc. and Citigroup Inc. appear to be in the final stages of negotiations over swapping divisions that would be carved from both financial companies, Wall Street analysts and industry experts said.

June 12, 2005

Legg, Citi wrestle with the rumors

One can imagine tense, closed-door negotiations between a small cadre of Legg Mason Inc. and Citigroup Inc. executives, hunched over calculators and paperwork, trying to decide how the companies would swap parts of their businesses.

June 7, 2005

Legg is reportedly in no hurry for deal

Legg Mason Inc., reported to be in talks with Citigroup Inc. to shed its brokerage business and expand its investment management portfolio, might not be in a hurry to do a deal, according to industry watchers.

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