Citigroup, UBS Financial enter into municipal distribution agreement

By Tali David

Minneapolis, Dec. 17 - Citigroup Inc. and UBS Financial Services Inc. entered into a municipal distribution agreement that will provide Citi's municipal clients with access to the UBS Wealth Management Americas network of more than 7,000 financial advisers, according to a press release.

The agreement, effective Jan. 16, creates a partnership that will broaden Citi's national distribution capabilities and give UBS access to Citi's new issue product for its high net worth clients.

"Citi and UBS have been working together over the past year under a secondary market distribution agreement," Ward Marsh, Citigroup's head of the municipal securities division, said in the release.

"The addition of a primary market distribution agreement will enhance our relationship, while providing our municipal clients with added depth of distribution. We are excited by the opportunities this will provide our issuer clients."

Citigroup is a financial services company based in New York. UBS is a financial services company based in Switzerland.

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