Citigroup Asset Management released the former Smith Barney Asset Management taxable fixed-income management team last week, a 12-person operation that oversaw some $7.5 billion in assets and included 14 mutual funds. Mary Athridge, a firm spokeswoman, says the move will cut costs and makes sense given the current downturn, though the Smith Barney group was in no way bleeding assets. No further moves are planned at this time, she says.
As reported last week on www.bondweek.com, the roughly $3 billion in high-yield and $4.5 in high-grade corporates, mortgage-backed, and government bonds, have been transferred to the former Salomon Brothers Asset Management fixed-income team headed up by Peter Wilby, the group's cio. Among those let go are Jim Conroy, who oversaw the three-person core fixed-income team, and John Bianchi, portfolio manager of a nine-person high-yield team. Both men were managing directors with over 15 years of experience. Both declined comment.