Peter Wilby, Citigroup Asset Management's star manager of emerging market debt and high yield bonds, has struck a deal with Legg Mason to set up a new fixed-income business in New York.

Legg Mason finalised a $3.7bn (€3.1bn) deal with Citigroup yesterday in which the US fund manager swapped its private client brokerage and capital markets businesses for Citigroup's worldwide asset management operations.

Renée Schultes

Shanny Basar in New York

Citigroup

Legg Mason

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Wilby cuts deal with Legg Mason

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