Wilby cuts deal with Legg Mason

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.

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