Government gives blessing to Citigroup-Legg Mason deal

The Federal Trade Commission and the Justice Department's antitrust division will not halt the proposed trade of Citigroup's asset management unit and Legg Mason's brokerage arm, according to the FTC website. The agencies determined that the deal, announced in June, does not violate U.S. antitrust laws. The swap would double Legg Mason's assets under management to $830 billion and would add 1,300 brokers to Citigroup. The transaction is valued at $3.7 billion.