Legg Mason reported assets under management of $673.5 billion as of Sept. 30, up 4.4% from the prior quarter but down 4.2% from the year before, according to its quarterly earnings statement.
Market-related gains of $40.8 billion more than offset net outflows of $12.7 billion. Those outflows were down from $23.1 billion for the prior quarter but up from $8.1 billion for the year-earlier quarter.
By asset class, the group saw net outflows of $8 billion from fixed-income strategies, $4.4 billion from equity and $300 million from liquidity products.
For the latest quarter, Legg Mason reported net income of $75.3 million, up 57% from the prior quarter and 64% higher than the year before. The latest quarter included a special U.K. tax benefit of $8.9 million.
Operating revenues, meanwhile, came to $674.8 million, up marginally from $674.2 million for the prior quarter and up 2.3% from the year before.