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Rating:Legg Mason, Calamos' Q2 Earnings Disappoint Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 26, 2005

Legg Mason, Calamos' Q2 Earnings Disappoint

Reported by Theresa Sim

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.

***

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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