Legg Mason reported $744.6 billion in assets under management as of June 30 on Wednesday, down 1.3% from the end of the previous quarter and up 0.5% from a year earlier.
In the earnings statement for the three months — the first quarter of Legg Mason's 2019 fiscal year — the company reported total net outflows of $3.8 billion, compared to net outflows of $9.5 billion in the previous quarter and net outflows of $11 billion in the quarter ended June 30, 2017.
By asset class, equity strategies had net outflows of $2.2 billion in the quarter vs. net outflows of $2.1 billion in the three months ended March 31 and net inflows of $1 billion a year earlier.
Fixed-income strategies had net inflows of $1.3 billion in the quarter ended June 30, net inflows of $2.8 billion in the prior quarter and net inflows of $300 million in the prior year's 2017.
Peter H. Nachtwey, chief financial officer, told analysts on an earnings conference call that fixed-income net inflows in 2018's second quarter represented nine straight quarters of net inflows for that asset class.
Net flows to alternative investment strategies were flat in the three months ended June 30, compared with inflows in the first quarter 2018 of $500 million and net outflows in the quarter ended June 30, 2017 of $800 million.
Liquidity vehicles experienced net outflows of $2.9 billion in the quarter ended June 30 compared to net outflows of $10.7 billion in the first quarter of 2018 and net outflows of $11.5 billion a year earlier.