] 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.
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