Citigroup Asset Management is set to undergo a restructuring that will split it into three parts, according to sources close to the firm.

US-listed Legg Mason agreed to buy the operation in a deal worth $3.7bn (€3.1bn) in June. Its carve-up, which incorporates the injection of Citigroup bond activities into Legg's Western Asset Management division, is likely to be finalised by the end of this month.