Legg Mason reported $754.4 billion in assets under management as of Sept. 30, up 1.8% from June 30 and up 3% from a year earlier, the company said in its earnings statement Wednesday.
Net outflows totaled $1 billion for the quarter ended Step. 30, compared to net outflows of $11 billion for the previous quarter and net outflows of $25.7 billion for the quarter ended Sept. 30, 2016.
Long-term net outflows of $1.2 billion were driven by $2 billion in outflows from equities and $700 million in outflows from alternatives, partially offset by $1.5 billion in net inflows into fixed-income.
Cash/liquidity products saw $200 million in net outflows for the quarter.
"The diversification of our business mix contributed to these results and the resiliency of our operating revenue yield. Net sales across our global distribution platform also reflect the diversification of our business by geography, channel and investment affiliate," said Joseph A. Sullivan, Legg Mason chairman and CEO, in the earnings statement.
Mr. Sullivan added: "We will continue to execute our strategy of expanding client choice to meet the rapidly evolving needs of our global client base."
As of Sept. 30, fixed income represented 54% of AUM, while equity represented 27%, liquidity was 10% and alternatives, 9%.
Revenue for the quarter was $768.3 million, down 3.2% from the prior quarter but up 2.7% from the same quarter a year earlier. Meanwhile, the company reported net income of $75.7 million for the most recent quarter, up 48.7% from the previous quarter and up 14% from the quarter ended Sept. 30, 2016.
