Legg Mason reported $699.2 billion in assets under management as of June 30, down 0.5% from three months earlier and down 1% from a year earlier, said the company's earnings statement released Friday.
The firm experienced net inflows of $3.6 billion for the quarter, compared to net outflows of $9.1 billion for the previous quarter and net outflows of $8.2 billion for the quarter ended June 30, 2014.
Long-term strategies saw net inflows of $1.3 billion for the latest quarter, compared to net inflows of $6.2 billion for the previous quarter and net inflows of $700 million for the year-earlier quarter.
Legg Mason's liquidity strategies experienced net inflows of $2.3 billion for the quarter ended June 30, vs. net outflows of $15.3 billion for the quarter ended March 31 and net outflows of $8.9 billion for the quarter ended June 30, 2014.
Equity net outflows were $1.3 billion for the quarter, vs. net outflows of $1.4 billion for the previous quarter and net outflows of $1.8 billion during the quarter ended June 30, 2014. Fixed income, meanwhile, saw net inflows of $2.6 billion after experiencing net inflows of $7.6 billion in the previous quarter and net inflows of $2.5 billion during the year-earlier quarter.
Fixed income represented 53.2% of Legg Mason's AUM as of June 30, while equity represented 28.2% and liquidity strategies made up 18.6%.
Revenue for the quarter was $708.6 million, up 1% from the prior quarter and up 2% from the same quarter a year prior. Net income, meanwhile, was $94.5 million for the quarter, up 14% from the previous quarter and up from 31% in the quarter ended June 30, 2014.
