NEW YORK - Citigroup Inc.'s Salomon Smith Barney unit said Tuesday that it was relocating its global fixed-income sales and research division to London.The move, which would make it the first U.S. firm to base its operations in Europe, was prompted partly by Citigroup's pending acquisition of the investment banking operations of Schroders PLC of London and partly by the changing marketplace, company officials said.

"Our fixed-income business has become increasingly global due to changing trends in capital raising, as well as … the anticipated creation of Schroders Salomon Smith Barney," said Steve Bowman, global head of fixed-income sales and research at the firm. "Our clients can capitalize on a growing number of cross-border opportunities by tapping into the resources, relationships, and expertise of Citigroup's corporate and investment banking activities around the world."

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