Legg Mason reported $672.1 billion in assets under management as of Sept. 30, down 4% from June 30 and down 5% from Sept. 30, 2014, the company reported in its earnings statement Friday.
Net inflows totaled $100 million for the quarter, compared to net inflows of $3.6 billion for the second quarter and net inflows of $13.4 billion for the quarter ended Sept. 30, 2014.
The company attributed the quarterly decline in AUM to $22.6 billion in negative market performance, $4.6 billion in negative foreign exchange and liquidity strategies seeing net outflows of $3 billion.
This was partially offset by long-term net inflows, which totaled $3.1 billion for the quarter. By comparison, Legg Mason experienced net inflows of $1.3 billion during the previous quarter and net inflows of $700 million for the same period a year ago.
The long-term inflows were driven by $3 billion of flows into fixed income and $100 million of flows into equities.
“Legg Mason delivered its sixth straight quarter of long-term inflows driven by (affiliates) QS Investors, Brandywine and Western Asset, and largely from institutional investors,” said Joseph A. Sullivan, chairman and CEO, in the earnings statement.
Fixed income represented 55% of Legg Mason’s AUM as of Sept. 30, while equity represented 26% and liquidity strategies, 19%.
Revenue for the quarter was $673.1 million, down 5% from the prior quarter and down 4% from the same quarter a year ago. Net income, meanwhile, was $64.3 million for the quarter, compared to $94.5 million for the previous quarter and $4.9 million for the same period a year earlier.