Legg Mason reported $732.9 billion in assets under management as of Sept. 30, down 1.2% from June 30 but up 9% from Sept. 30, 2015, the company reported in its earnings statement Friday.
Net outflows totaled $25.7 billion for the quarter, vs. net inflows of $6.9 billion for the previous quarter and net inflows of $100 million for the quarter ended Sept. 30, 2015.
Long-term net outflows of $300 million included alternative outflows of $1.6 billion and equity outflows of $1.5 billion, which were partially offset by fixed-income inflows of $2.8 billion.
Cash/liquidity products saw $25.4 billion in net outflows.
Legg Mason's net outflows were partially offset by positive market performance of $15.7 billion and $1 billion in positive foreign-exchange changes.
As of Sept. 30, fixed income represented 54% of AUM, while equity represented 23%; cash, 13%; and alternatives, 10%.
Revenue for the quarter was $748.4 million, up 6.9% from the prior quarter and up 11.2% from the same quarter a year earlier. Meanwhile, the company posted net income of $66.4 million for the quarter ended Sept. 30, vs. net income of $33.5 for the prior quarter and net income of $64.3 million for the same period a year earlier.
