The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating: Legg's Expected Results Frustrate Fetting Not Rated 0.0 Email Routing List Email & Route  Print Print
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

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use