Legg Mason reported $701.8 billion in assets under management as of March 31 in its earnings report released Thursday, a 3.3% increase from the end of the previous quarter and up 5.6% from a year earlier.
The primary contributor to the increase was $14 billion in investment returns and positive foreign exchange, supplemented by $8.3 billion in net inflows for the quarter. Net inflows the previous quarter were $9.9 billion.
Liquidity strategies saw the most net inflows for the second quarter in a row, with $8.6 billion, followed by equity strategies with $500 million in net inflows. Fixed-income strategies offset the positive gains slightly, with net outflows of $800 million for the quarter.
Net income for the quarter totaled $65.1 million, down from $80 million in the previous quarter but up from $30.7 million in the first quarter of 2013. Revenue for the quarter totaled $681 million, down 5.4% from the previous quarter but up 1.9% from the first quarter of 2013.