With four product lines and three sales channels, Citigroup's $125.1 billion-asset U.S. mutual fund business defies easy classification.

The company, forged through the merger of Citicorp and Travelers Group, now manages more domestic, open-end mutual fund assets than any other bank holding company. But seven-eighths of these assets are in Smith Barney Funds, which are not slated to be sold through Citibank branches.

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