Legg Mason reported $710.4 billion in assets under management as of Dec. 31, down 3.1% from Sept. 30 but up 5.8% from Dec. 31, 2015, the company reported in its earnings statement Wednesday.
Net outflows totaled $10.9 billion for the quarter, vs. net outflows of $25.7 billion for the previous quarter and net outflows of $13.3 billion for the quarter ended Dec. 31, 2015.
Long-term net outflows of $4 billion included equity outflows of $3.7 billion and alternative outflows of $800 million, which were partially offset by fixed-income inflows of $500 million.
Cash/liquidity products saw $6.9 billion in net outflows for the quarter.
As of Dec. 31, fixed income represented 53.6% of AUM, while equity represented 23.8%; cash, 12.5%; and alternatives, 10.1%.
Revenue for the quarter was $715.2 million, down 4.4% from the prior quarter but up 8.4% from the same quarter a year earlier. Meanwhile, the company posted net income of $51.4 million for the quarter ended Dec. 31, vs. net income of $66.4 million for the prior quarter and a net loss of $138.6 million for the same period a year earlier.