• Legg Mason, Baltimore, reported record high assets under management of $311 billion for the quarter ended Sept. 30, up 5% from the previous quarter. Net revenues for the quarter were a record high $568 million, and net earnings were $91.7 million.
• JPMorgan Fleming's assets under management increased by $165 billion to $735 billion as of Sept. 30, primarily because of the addition of Banc One Investment Advisors' assets following the merger of JPMorgan Chase and Bank One, which closed on July 1, said Mary Sedarat, JPMorgan Fleming spokeswoman. She declined to provide further information. JPMorgan Chase's operating earnings were $2.2 billion for the third quarter, compared with $1.81 billion or 85 cents in the previous quarter.
• BNY Asset Management, New York, reported assets under management of $97 billion for the third quarter, up from $93 billion as of June 30, said R. Jeep Bryant, spokesman. Parent company Bank of New York reported third-quarter net income of $354 million, compared with $371 million for the second quarter, according to a statement.
• Mellon Financial, Pittsburgh, reported a $9 billion decline in assets under management in the third quarter, to $670 billion, citing money market outflows and market depreciation, according to the firm's earnings report. However, assets under custody rose 18% in the third quarter to a record $3.09 trillion. Net income rose 4% for the third quarter, to $183 million.
• Gabelli Asset Management, Rye, N.Y., reported a $1 billion decline in assets under management in the third quarter, to $27.2 billion, said Michael Anastasio, chief financial officer. He attributed the loss to market depreciation and cash flows. Gabelli also reported $13 million in net income in the third quarter, compared with $13.9 million in the previous quarter.
• Janus Capital Group, Denver, reported $34.3 million in net income for the quarter ended Sept. 30, after adjustment for one-time charges and tax credits, down 45% from $62.4 million in the third quarter 2003. The decline partly reflected a drop in the group's assets under management to $130.2 billion from $146.5 billion the year before, according to the company's third-quarter earnings report.