In a move that Citigroup claims will strengthen its brand globally, SSB Citi Asset Management Group has changed its name to Citigroup Asset Management.
Thomas Jones, co-chairman and CEO of Citigroup Asset Management, said in a Feb. 5 statement: “The Citigroup name is recognized around the world and our new name--Citigroup Asset Management--is a stronger description of [the company]. Moreover, this new name reflects our successful effort to simplify and streamline our business around the world.”
According to a spokesperson for SSB, “The name change affects the asset management arm of Citigroup only and will not affect the Solomon Smith Barney name.” The spokesperson says SSB brokers who work with Citigroup Asset Management to deliver products, such as mutual funds and managed accounts, will simply have to refer to the unit differently.
Some reps aren’t thrilled with the change. “I don’t like it all,” says a West Coast SSB broker. “If they think it strengthens the brand, they’re wrong. Anything that’s bank-affiliated weakens the brand. To me, it sounds like this move was made for marketing and structural purposes.”