Tennis anyone? Not so for Legg Mason.

After 18 years, the Baltimore-based asset management firm is bowing out as the title sponsor of the ATP's annual summer tennis tournament in Washington, D.C., the Baltimore Business Journal reports.

In a statement to the BBJ, Legg Mason said: "As our business has changed and our marketing strategy has evolved over the past few years, we have decided to end our close association with this outstanding event that tennis fans in the Maryland and Washington area have come to know and look forward to each summer."

In its stead, the D.C. ATP is reportedly planning to announce Citi as its new title sponsor for the next five years. Financial terms of Citi's sponsorship could not be determined, but it is customary in tennis that title sponsors are expected to cover event purses, which in this case is close to $2 million.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.