Legg Mason on Friday reported a total of $679.5 billion in assets under management as of Dec. 31, up 3.6% from the end of the previous quarter and up 4.7% from a year earlier, according to its earnings release.
Net inflows for the quarter were $9.9 billion, entirely within liquidity strategies, up from firmwide net outflows of $1.4 billion the previous quarter. Fixed-income inflows in the most-recent quarter were $700 million, and equity outflows were $700 million, both improvements from the third quarter when fixed-income inflows were $300 million and equity outflows were $4 billion.
“Legg Mason reported higher revenues, net inflows and solid earnings for the quarter as our flow picture and business mix continued to improve,” said Joseph A. Sullivan, president and CEO, in the earnings release. “Overall investment performance remained strong and long-term flows were flat but improved, led by strong inflows at (subsidiaries) ClearBridge Investments and Brandywine Global, which offset outflows at Royce (& Associates) and Batterymarch (Financial Management).”