Legg Mason reported $709.1 billion in assets under management as of Dec. 31, flat from three months earlier up 4% from a year earlier.
The firm experienced net outflows of $1.8 billion for the quarter, compared with net inflows of $13.4 billion the previous quarter and net inflows of $9.9 billion during the fourth quarter of 2013.
Liquidity strategies saw net outflows of $10.6 billion for the fourth quarter, compared to net inflows of $12.7 billion for the previous quarter and net inflows of $9.9 billion during the year-earlier quarter, the company said in its latest quarterly statement.
Long-term strategies saw net inflows of $8.8 billion for the quarter ended Dec. 31, compared to net inflows of $700 million during the quarter ended Sept. 30 and no net flows during the year-earlier quarter.
Equity net outflows were $1.1 billion for the quarter ended Dec. 31 vs. net inflows of $1.6 billion for the quarter ended Sept. 30 and net outflows of $700 million during the quarter ended Dec. 31, 2013. Fixed income, meanwhile, experienced net inflows of $9.9 billion after experiencing net outflows of $900 million in the previous quarter and net inflows of $700 million during the year-earlier quarter.
Fixed income represented 52% of Legg Mason's AUM as of Dec. 31, while equity represented 28% and liquidity strategies made up 20% of the firm's AUM.
Revenue for the quarter was $719 million, up 2% from the prior quarter and flat from the same quarter a year prior. Net income, meanwhile, was $77 million for the quarter ended Dec. 31, up from $4.9 million during the previous quarter but down from $81.7 million in the quarter ended Dec. 31, 2013.
The rise in net income is attributable to a $107.1 million charge related to debt refinancing finalized in July, resulting in a significant drop in income during the quarter ended Sept. 30.