Legg Mason reported $702.7 billion in assets under management as of March 31, down 1% from three months earlier and flat from a year earlier, said the company's earnings statement released Friday.
The firm experienced net outflows of $9.1 billion for the quarter, compared with net outflows of $1.8 billion the previous quarter and net inflows of $8.3 billion for the quarter ended March 31, 2014.
Long-term strategies saw net inflows of $6.2 billion for the latest quarter, compared to net inflows of $8.8 million during the previous quarter and net outflows of $300 million during the year-earlier quarter.
Liquidity strategies saw net outflows of $15.3 billion for the quarter ended March 31, compared to net outflows of $10.6 billion for the quarter ended Dec. 31 and net inflows of $8.6 billion for the quarter ended March 31, 2014.
Equity net outflows were $1.4 billion for the quarter ended March 31 vs. net inflows of $1.1 billion for the quarter ended Dec. 31 and net inflows of $500 million during the quarter ended March 31, 2014. Fixed income, meanwhile, saw net inflows of $7.6 billion after experiencing net inflows of $9.9 billion in the previous quarter and net outflows of $800 million during the year-earlier quarter.
Fixed income represented 53.5% of Legg Mason's AUM as of Dec. 31, while equity represented 28.4% and liquidity strategies made up 18.1%.
Revenue for the quarter was $702.3 million, down 2.3% from the prior quarter but up 3% from the same quarter a year prior. Net income, meanwhile, was $83 million for the quarter, up from $77 million the previous quarter and up from $69 million in the quarter ended March 31, 2014.
