SSB Citi Asset Management Group of New York, the money management unit of Citigroup, has changed its name to Citigroup Asset Management, Citigroup has announced.

The new name reflects Citigroup's "effort to simplify and streamline [Citigroup's] business around the world," said Thomas W. Jones, co-chairman and CEO of Citigroup Asset Management in a statement.

During 2000, SSB Citi Asset Management completed the consolidation and rebranding of most of its retail U.S. mutual fund business under the Smith Barney name, according to Citigroup.

The asset management unit, which is comprised of the formerly independent asset management operations of Smith Barney, Salomon Brothers and Citibank all of New York, had a total of $401 billion in assets under management as of Dec. 31, according to Citigroup.

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.