BALTIMORE -- Legg Mason Inc. recognized the strong contributions of its asset management subsidiaries when it reported a record financial quarter June 30.
Investment management revenue was $90.4 million, 44% higher than a year ago. Investment management now represents 36% of the company's total revenue, compared with 33% at the company's fiscal year end March 31.
Legg Mason has about $74 billion under management in its nine asset management subsidiaries, a 54% increase from a year ago.
Diluted earnings per share rose 47%, to 83 cents. Net earnings were up 50%, to $24.4 million.
"One of our primary objectives is to improve our pre-tax profit margin, which increased this quarter to 16.5% from 14.9% a year ago," said Raymond "Chip" Mason, chief executive officer.
Legg Mason officials have found investment management fees to be more stable than the income associated with core securities brokerage business.
The company also reported record operating results at fiscal year end March 31.
Growth was due to mutual funds and fixed-income products, executives said.
