Legg Mason and Citigroup have received approval from the Federal Trade Commission about their proposed business unit swap, reports Reuters.

The two companies announced the swap in late June. Under the deal, which is valued at $4 billion, Legg Mason will become the fifth largest asset manager with approximately $830 billion in assets. Citigroup will gain Legg Mason's 1,540-strong brokerage force, upping its brokerage to 13,800.  

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