Legg Mason joined the S&P 500 last week, emphasising its increasing size in the financial markets and fund management. Scale has become critical as the company's subsidiaries absorb assets from the acquisition of Citigroup's $400bn (€328bn) funds business. The deal closed in December last year.

Batterymarch Financial Management, the quantitative manager Legg Mason acquired in 1995, is taking $7bn from Citigroup, a near-50% increase in assets. The assets come from the Travelers platform and non-US and global assets from Citigroup Asset Management in London.