Legg Mason reported $669.6 billion in assets under management as of March 31, flat from Dec. 31 and down 5% from March 31, 2015, the company reported in its earnings statement Friday.
Net outflows totaled $16.5 billion for the quarter, compared to net outflows of $13.3 billion for the previous quarter and net outflows of $9.1 billion for the quarter ended March 31, 2015.
“Macro headwinds negatively impacted operating results for the quarter, which were disappointing in terms of long-term flows and financial performance,” said Joseph A. Sullivan, chairman and CEO of Legg Mason, in the earnings statement.
Long-term net outflows of $13.2 billion included fixed-income outflows of $8.2 billion and equity outflows of $5 billion. By comparison, Legg Mason experienced long-term net outflows of $2.4 billion during the previous quarter and net inflows of $6.2 billion for the same period a year earlier.
Fixed income totaled $376.8 billion in AUM as of March 31, while equity represented $180.5 billion and liquidity, $112.3 billion.
Revenue for the quarter was $619.5 million, down 6% from the prior quarter and down 12% from the same quarter a year earlier. Meanwhile, the company posted a net loss of $45.3 million for the quarter ended March 31, compared to a net loss of $138.6 million for the previous quarter and net income of $83 million for the same period a year earlier.