Legg Mason ( LM) plans to merge certain mutual funds and rebrand most former Smith Barney and Salomon Brothers mutual funds as Legg Mason Partners Funds. Through this plan the company aims to reduce the number of open-ended funds across the families from 166 to 119. "This is another important step in the process of integrating the asset management business that Legg Mason acquired from Citigroup ( C) on Dec. 1, 2005," the company said. "We have undertaken a comprehensive review across all our retail product offerings to reduce product overlap and attempt to create fund families with the objective of a 'best-in-class' approach. We anticipate that the proposed changes, on which we have worked closely with the fund boards, will offer shareholders the opportunity for stronger long-term performance with the advantages of greater scale."