Legg Mason disappointed analysts with second quarter earnings seven cents lower than estimates. The Baltimore-based money manager brought in $112.8 million in net income, or 93 cents per diluted share.

Assets under management totaled $397.5 billion, up 6.6 percent from $372.9 billion in the previous quarter. Mutual fund assets, which made up 20.8 percent of the total bucket, increased 5.4 percent from $78.4 billion in the first quarter to $82.6 billion in the second quarter.

By asset class, Legg Mason managed 37.6 percent, or $149.6 billion, in equities and 62.4 percent, or $247.9 billion in fixed income assets.

Investment advisory fee revenues totaled $237.1 million, an increase of 1.3 percent over the first quarter. Mutual fund investment advisory fee revenue increased 0.6 percent quarter-over-quarter, while separate account fee revenue increased 1.1 percent.

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Naperville, Illinois-based Calamos Asset Management reported second quarter earnings 30 cents per diluted share, or $7 million, eight pennies shy of analysts' expectations.

Total assets under management grew three percent from the first quarter to $39.5 billion.

Mutual fund assets made up 72 percent of total assets under management and increased four percent from $27.4 billion in the first quarter to $28.3 billion in the second quarter. Mutual funds were helped by $385 million in market appreciation as well as $582 million in net inflows.  

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