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Thursday, May 03, 2012

Legg's Expected Results Frustrate Fetting

News summary by MFWire's editors

Legg Mason [profile] announced a 10-percent increase in quarterly earnings after streamlining to cut expenses amid continued outflows. Reuters reported on the Baltimore-based mutual fund firm's earnings for its fourth quarter, ended March 31.

Legg Mason reported that two-thirds of its long-term US mutual fund assets are beating their peers in their Lipper category over one and three years.

"History in our business would say there is always a lag between performance improvements and positive inflows," CEO Mark Fetting told the wire service.

The results are "not wholly unexpected. Is it frustrating? Yes," Fetting added.

Outflows in the quarter reached $4.9 billion, yet withdrawals from long-term equity and bond funds fell to $7.7 billion, down from $12 billion in the quarter ended on December 31.

The firm's AUM reached $643.3 billion at the end of March, slightly lower than the expected $677.6 billion. 

Edited by: HFD


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