A group Legg Mason Inc. acquired from Citigroup Inc. in December is the foundation of a new asset management subsidiary called ClearBridge Advisors.
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ClearBridge, which is based in New York, is made up of several affiliated investment advisers that collectively have more than $100 billion of assets under management.
Legg Mason, of Baltimore, announced the group Monday. It also announced that the Smith Barney Funds, acquired in the same deal with Citi, will become the Legg Mason Partners Funds.
The renaming will take place over the next several months, covering most of the products and services managed by ClearBridge Advisors.
Legg Mason had $850 billion of assets under management on Dec. 31.
