Currently, CAM manages approximately $2 billion of Citigroup Inc.'s $10.5 billion cash balance plan, and up to $3 billion of its $11 billion 401(k) plan.
Of the $5 billion, about $1.5 billion is retirement assets of Citigroup employees who now will work for Legg Mason following the swap of Legg Mason's broker-dealer business for most of Citigroup's money management unit.
A source familiar with the situation estimated 2,200 Citigroup Asset Management employees will move to Legg Mason. Those employees represent about $700 million of the assets of the cash balance plan and about $800 million of the assets of the 401(k) plan.
Legg Mason spokeswoman Heather Davidson wouldn't give any information of her company's retirement plans, believed to be defined contribution plans.