Travelers Group's and Citicorp's asset management unites will be combined into a new firm called SSBC Asset Management Group, Citigroup Announced today. With more than $290 million in assets under management, it will combine Salomon Brothers Asset Management, Smith Barney Asset Management and Citibank Global Asset Management.
There will be no layoffs, according to Citigroup spokeswoman Connie Kain. Although there may be some duplication, ``this is not about cuts or cost-cutting,'' she said.
Thomas W. Jones, who was vice chairman of Travelers and chief executive of Salomon Smith Barney Asset Management, will be cochairman and chief executive of the unit. Peter Carman, who was chief executive of Citibank Global Asset Management, will be cochairman and global CIO.