Legg Mason reported $741.9 billion in assets under management as of June 30, up 11% from March 31 and up 6% from June 30, 2015, the company reported in its earnings statement Wednesday.
The increase in AUM was due in part to closing the acquisition of Clarion Partners and the combination of EnTrustPermal during the quarter, as well as agreeing to acquire digital wealth management firm Financial Guard in the period.
Net inflows totaled $6.9 billion for the quarter, compared to net outflows of $16.5 billion for the previous quarter and net inflows of $3.6 billion for the quarter ended June 30, 2015.
Long-term net outflows of $1.1 billion included equity outflows of $3 billion and alternative outflows of $2 billion, which were partially offset by fixed-income inflows of $3.9 billion.
Cash/liquidity products saw $8 billion in net inflows.
As of June 30, fixed income represented 52% of AUM, while equity represented 22%; cash, 16%; and alternatives, 10%.
Revenue for the quarter was $700.2 million, up 13% from the prior quarter but down 1% from the same quarter a year earlier. Meanwhile, the company posted net income of $33.5 million for the quarter ended June 30, vs. a net loss of $45.3 million for the prior quarter and net income of $94.5 million for the same period a year earlier.
