Legg Mason's second quarter earnings missed analyst expectations by nine cents. Second quarter diluted earnings per share were $1.14.

Assets under management were $295.7 billion, up 3.2 percent from $286.4 billion in the first quarter. Mutual fund assets were $68.2 billion at the end of the second quarter, up 6.1 percent from $64.3 billion at the end of March.

"Anybody looking at the (first) quarter and looking at this market can't be shocked," Reuters reported Chairman and Chief Executive Raymond "Chip" Mason as saying. "It's been a difficult quarter." 

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