SSB Citi Asset Management, the asset management unit of Citigroup of New York, will soon break up its 17 CitiFunds. Several of the proposed changes were disclosed in multiple SEC filings SSB Citi made in mid-July.
Some of the CitiFunds will drop the CitiFunds name and will carry the Smith Barney name. Another seven of the CitiFunds will be merged into similar existing Smith Barney funds.
The remaining CitiFunds will drop their sales charges and will become part of a new no-load group, using the Citi name, that SSB Citi will offer later this year. This will be the first no-load proprietary fund group offered by Citigroup.
At least for now, SSB Citi's 13 mutual funds offered under the Salomon Brothers name and managed by Salomon Brothers Asset Management, will remain load funds, said Edward Giltenan, an SSB Citi spokesperson. The Concert Series of 15 funds, which have been the proprietary mutual funds of Citigroup's Primerica Financial Services unit of Duluth, Ga. will also be either renamed or merged with the Smith Barney family.