Legg Mason on Friday reported assets under management of $631.8 billion as of June 30, down 1.8% from the close of the prior quarter and off 4.6% from the year before.
For the latest quarter, the company reported net outflows of $2.6 billion, an improvement from net outflows of $4.9 billion and $3.7 billion, respectively, for the prior quarter and the year-earlier period.
Combined outflows of $3.9 billion from equity strategies offering by Legg Mason's money management affiliates during the quarter were offset by inflows of $1.2 billion for money market strategies and $100 million for fixed-income strategies.
Market-related declines, meanwhile, came to $4.3 billion for the latest quarter.
Speaking on an earnings conference call, Mark R. Fetting, Legg Mason's chairman and CEO, noted that the latest $3.8 billion in long-term outflows was the company's best showing in nearly five years, with the group's big fixed-income affiliate, Western Asset Management, particularly seeing growing momentum.
For the quarter, Legg Mason reported a net loss of $9.5 million, which Mr. Fetting attributed in part to a non-operating charge of $69 million for a new capital plan which retired some convertible senior notes, as well as the costs associated with roughly $1 billion in new product launches during the quarter.
That loss compared with net income of $76.1 million for the prior quarter and $60 million for the year-earlier period.
Operating revenue, meanwhile, came to $630.7 million, down 2.8% from the prior quarter and down 12% from the year before.
