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Citigroup has completed the deal to sell its asset management group to Legg Mason for $3.7bn.

In return Citigroup acquires the brokerage unit of Legg Mason.

The deal turns Legg Mason into the fifth largest money manager in the U.S. Over $830bn will be under by Legg Mason, doubling the amount before the deal.

The broker force at Citigroup will grow by 1,300 people.

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