Legg Mason's deal with Citigroup is a savvy business move, according to Morningstar analyst Rachel Barnard.

Legg Mason is handing over its brokerage and capital markets groups in exchange for most of Citigroup's asset management business.

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.