<!-- Swiftype Variables -->

Money Management

Legg Mason’s assets up nearly 2% in quarter; liquidity products cause net outflows

Legg Mason (LM) reported $767.2 billion in assets under management as of Dec. 31, up 1.7% from Sept. 30 and up 8% from Dec. 31, 2016, the company reported in its earnings statement Wednesday.

Net outflows totaled $100 million for the quarter, vs. net outflows of $2 billion for the previous quarter and net outflows of $10.9 billion for the quarter ended Dec. 31, 2016.

However, Legg Mason reported $2.2 billion in long-term net inflows, which included fixed-income inflows of $5.4 billion offset by equity outflows of $3.2 billion. Alternatives saw no net flows.

Cash/liquidity products saw $2.3 billion in net outflows for the quarter.

As of Dec. 31, fixed income represented 55% of AUM, while equity represented 27%; and cash and alternatives, 9% each.

Revenue for the quarter was $793.1 million, up 3.2% from the prior quarter and up 11% from the same quarter a year earlier. Meanwhile, the company posted net income of $149.2 million for the quarter ended Dec. 31, vs. $75.7 million for the prior quarter and $51.4 million for the same period a year earlier.

This quarter's results included a one-time non-cash tax benefit of $213.7 million related to the new tax law.