Legg Mason on Tuesday reported assets under management of $643.3 billion as of March 31, up 2.6% from the prior quarter but down 5.1% from the year before.
For the latest quarter, the money management holding company's $16.3 billion gain in AUM reflected market-related gains of $24.4 billion, partly offset by net outflows of $4.9 billion and dispositions of $3.2 billion in assets — mostly related to the sale back to management of Bartlett & Co., a Cincinnati-based wealth manager.
By asset class, the company reported that outflows of $4.9 billion from equity strategies and $2.8 billion from fixed-income strategies were partially offset by liquidity inflows of $2.8 billion.
The overall net outflow of $4.9 billion was an increase from $1.3 billion in outflows for the prior quarter but an improvement from the year-earlier $8.7 billion.
In a news release, Mark Fetting, chairman and CEO, noted the company's balance sheet strength will allow Legg Mason to “confidently invest in growing the business by seeding new products and filling gaps in our product set through lift-outs, bolt-ons and targeted acquisitions.”
For the latest quarter, Legg Mason reported net income of $76.1 million, up 171% from the prior quarter and up 10% from the year before.
Revenue, meanwhile, came to $648.6 million, up 3.4% from the prior quarter but down 9.1% from the year before.
