Legg Mason Inc. said its net income from continuing operations for its fiscal fourth quarter, which ended March 31, rose 28% from a year earlier as assets under management rose.
On Wednesday the Baltimore asset manager said reported income of $151.7 million, or $1.04 a diluted share, for the fiscal fourth quarter.
According to Thomson First Call, Legg Mason had been expected to report earnings of $1.25 per share. The company recorded $13.1 million of transaction-related expenses, which reduced diluted earnings per share by 5 cents.
Total operating revenue increased 141%, to $1.05 billion.
Legg Mason acquired Citigroup Inc.'s asset management arm in December. Assets under management rose 131.7%, to $867.6 billion. Investment advisory fees from separate accounts rose 61%, to $377 million, and fees from proprietary funds rose 307%, to $501.2 million.
