Legg Mason reported $867.6 billion in assets under management as of March 31, the company's first full quarter since acquiring $421.5 billion in Citigroup Asset Management assets in November. The first-quarter assets were up 2% from the previous quarter and up 132% from March 31, 2005. Market appreciation accounted for the bulk of its $17 billion rise in assets in the first quarter, which is the fourth quarter of its fiscal year, according to a news release.
It had $1.6 billion in net inflows for the quarter, with gains for legacy money management units such as Brandywine, Royce, Legg Mason Capital Management and Western Asset Management, as well as especially strong gains for The Permal Group, the hedge fund-of-fund giant the firm bought at the same time in acquired CAM, the release said.
Net income for the quarter came to $150.1 million, down 80% from the previous quarter, when it had a one-time gain of $644 million gain from the sale of Legg Mason's brokerage operations to Citigroup, but up 28% from the quarter ended March 31, 2005. For its fiscal year ended March 31, Legg Mason reported net income of $1.1 billion, up 180% from the year before.
