My view is, the fewer brands the better,” says Stephen Cone, global head of marketing at SSB Citi Asset Management. Though that straightforward philosophy was by no means Cone’s only job qualification when he joined the firm in February, it will certainly help as he tackles the confusion about mutual fund branding that resulted from the mergers of Smith Barney, Salomon Brothers, Primerica and Citicorp. Last month Cone axed the Citifund and Smith Barney Concert families, closing three funds, merging ten others into Smith Barney funds and rebranding six as Smith Barney products.
Cone -- who came to SSB Citi from the simply titled Fidelity -- has also streamlined the distribution strategy for the remaining fund families. Only Smith Barneybranded funds will be sold through Citibank’s captive distribution channel. Salomon funds will be sold by third parties.
To support the unification efforts, Smith Barney has embarked on a major U.S. advertising campaign. Cone, who put investment legend Peter Lynch in Fidelity ads, is adopting this successful strategy at Smith Barney. Ads show individual managers, their résumés and their investment philosophies. “People want to know who is managing their fund,” says Cone. What about the less-than-lissome name SSB Citi Asset Management? “It will change,” he says. “Citigroup as a whole is looking at branding issues, and we are waiting for final approval on our name change.”
