NEW YORK — It took a long time to get the deal done, but Standard & Poor's is finally the owner of Citigroup's global benchmark index business.
S&P and Citigroup Inc., both of New York, had been close to a deal for the indexes more than 18 months ago (Pensions & Investments, June 10, 2002). But the travails of Citigroup and the many organizational shifts that have taken place there delayed the deal, said Robert Shakotko, managing director and global head of indexes at S&P.
"There were different people that we talked to at different times" during the negotiations for what formerly was known as the Salomon Smith Barney Global Equity Index System, Mr. Shakotko said. "First the indexes were part of the equity research group; then Salomon Smith Barney was integrated into Citigroup and then Smith Barney became a separate firm within Citigroup,'" said Mr. Shakotko. "There were four or five different milestones in that organization," during the time the deal for the indexes was being negotiated, he added.