Legg Mason on Monday reported $758 billion in assets under management as of March 31, up 4.2% from Dec. 31 and up 0.5% from a year prior.
During the three months ended March 31, which is Legg Mason's fiscal fourth quarter, the company experienced "break-even long-term flows," as equity outflows offset inflows into fixed-income and alternative strategies during the period, an earnings release said. In comparison, the company had long-term net outflows of $8.5 billion in the previous quarter, and net long-term inflows of $1.2 billion for the three months ended March 31, 2018.
"This quarter's results reinforce the benefits of diversification of our investment management platform across asset classes, with alternative and fixed-income net inflows offset by decelerating equity net outflows," Joseph A. Sullivan, chairman and CEO of Legg Mason, said in a statement in the earnings release. "Our distribution platform contributed with a favorable inflection in retail net flows reflecting higher sales and slower redemptions. We continue to focus on meeting evolving client demand by expanding client choice in investment strategies, vehicles and distribution access. Looking ahead, lead indicators of improving investment performance, ongoing product development, and increasing interest in alternative strategies bode well for organic growth prospects," he said.