Citi to market third-world paper in U.S.

NEW YORK -- Citibank Global Asset Management, the investment arm of Citibank, said it will expand the marketing of its emerging markets investment capability to the U.S. tax-exempt marketplace.

"The group's overall strategy for the North American tax-exempt marketplace would be that of a specialty manager of international products," said W. Neville Bowen, chief executive of Citibank Global Asset Management. "The emerging markets introduction is the first of several international specialty products we anticipate bringing to the North American tax-exempt market over the next few years."

Citibank Global Asset Management said it currently has more than $2 billion under management in emerging markets on behalf of local clients.

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