Citigroup wants to go whole hog on open architecture.(Conference Call)

Investment News, March, 2006

Byline: Sara Hansard WASHINGTON - Citigroup Inc. wants to follow the model it took on last year when it acquired the brokerage unit of Legg Mason Inc. to expand its business in hedge funds, private equity and structured products, according to a company official. In recent years, broker-dealers have moved to selling outside mutual funds rather than selling mainly funds managed by their own firms.

As a result of the move to an open-architecture system, the share of Citigroup proprietary mutual funds sold by its financial advisers dropped to 12% of the company's total mutual fund sales last year, from 46% in 2001, said Michael Sharp, general counsel of Citigroup's global wealth management business. He spoke at a March 15 American Enterprise...

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