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FOR IMMEDIATE RELEASE SSB Citi Asset Management Group Changes Name To: Citigroup Asset Management Move Leverages the Global Strength of the Citigroup BrandNew York, NY — SSB Citi Asset Management Group, the money management arm of financial services giant Citigroup, has changed its name to Citigroup Asset Management. The move is a milestone for the unit, which is comprised of the formerly independent asset management operations of Smith Barney, Salomon Brothers, and Citibank. Thomas W. Jones, Co-Chairman and CEO of Citigroup Asset Management, said, "The Citigroup name is recognized around the world and our new name - Citigroup Asset Management - is a stronger description of our world-class company. Moreover, this new name reflects our successful effort to simplify and streamline our business around the world." Stephen Cone, Global Director of Marketing for Citigroup Asset Management, added, "Our goal in all of our marketing efforts is to present a compelling, clean and consistent brand image to the public-at-large, our clients and our employees. This new moniker does more than accomplish that goal, it sets the standard for our branding efforts worldwide." During the year 2000, Citigroup Asset Management also completed the consolidation and rebranding of most of its retail U.S. mutual fund business under the Smith Barney brand. The company also launched a very successful national print advertising campaign for Smith Barney Mutual Funds, carrying the tagline: "Your Serious Money. Professionally Managed."sm The campaign, which is continuing this year, features the managers who run some of the most successful Smith Barney funds. With $401 billion in assets under management as of December 31, 2000, Citigroup Asset Management's units offer institutional, retail and high net worth clients around the world a broad range of investment offerings including mutual funds, separately managed accounts, alternative investments, as well as a wide variety of institutional products. Citigroup Asset Management experienced a solid year in 2000 despite a very difficult market environment. Total assets under management grew by more than 6% to $401 billion. Net new retail flows topped $24 billion, with strong interest in both mutual funds and separately managed accounts. Managed accounts are growing in popularity due in part to their ability to offer investors customized portfolios and tax management. Furthermore, the asset management unit was a contributor to Citigroup's success at cross-selling products in its vast distribution network, which includes the Salomon Smith Barney Financial Consultants, Primerica Financial Services, and Citicorp Investment Services financial professionals in Citibank branches. The company steadily increased the share of proprietary funds sold in these channels during the year. After the launch of the Smith Barney funds into Citibank at mid-year, Citigroup Asset Management's proprietary funds became the top sellers in the U.S. branch network, ahead of such stalwart competitors as Fidelity, Putnam, AIM and Oppenheimer. For the year in total, Citigroup Asset Management captured 64% of new fund sales in the Citibank channel in North America, up from 51% in 1999.
# # # Your Serious Money. Professionally Managed.SM is a service mark of Salomon Smith Barney, Inc. For more information about any Smith Barney Mutual Fund, please call 1-800-451-2010 to request a free prospectus. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. All Smith Barney Mutual Funds are distributed by Salomon Smith Barney Inc., and certain Funds are also distributed by PFS Distributors, Inc. Salomon Smith Barney Inc. and PFS Distributors, Inc. are subsidiaries of Citigroup, Inc. Citigroup Asset Management is comprised of the substantial resources that are available through its primary asset management business platforms: Salomon Brothers Asset Management, Smith Barney Asset Management, a division of Salomon Smith Barney Inc., and Citibank Global Asset Management. SSB Citi Fund Management LLC, a unit of Citigroup Asset Management, is the manager of Smith Barney Mutual Funds. Citigroup Asset Management offers institutional, high net worth and retail clients a broad range of investment disciplines from global investment centers around the world. Products and services offered include mutual funds, closed-end funds, separately managed accounts, unit investment trusts and variable annuities (through affiliated and third party insurance companies). Aggregate assets under management totaled $401 billion as of December 31, 2000. Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com.
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