A unit of Banco Santander Central Hispano SA has agreed to buy three Puerto Rican mutual funds from Legg Mason Inc.'s Smith Barney Fund Management LLC.
Under the agreement Smith Barney's Puerto Rico Daily Liquidity Fund Inc., Puerto Rico Income and Capital Fund, and Puerto Rico U.S. Core Equity Fund Inc. will be combined into the First Puerto Rico Family of Funds, the companies said Wednesday. They did not disclose the deal's terms.
First Puerto Rico Family of Funds comprises 15 open- and closed-end investment companies with $2.8 billion of assets.
Smith Barney, a unit of Citigroup Inc., is the investment adviser for three funds. Baltimore-based Legg Mason swapped its brokerage network for Citigroup's asset management business last year.
Banco Santander is the parent company for the Spanish bank Grupo Santander.
