Legg Mason Inc. said Thursday that profit rose from a year earlier in its fiscal third quarter, which ended Dec. 31, but declined slightly from the previous quarter as assets fell.
The Baltimore fund company reported net income of $44.9 million, or 28 cents a share, down 1.96% from the previous quarter but up from a $1.5 billion loss a year earlier.
The company missed the average of analysts' estimates by three cents, according to Thomson Reuters.
Assets under management fell 3%, to $681.6 billion, from the previous quarter, despite strong market gains in the S&P 500 index during the quarter.
Revenue rose 5%, to $690 million.
Outflows grew to $33 billion, from $8 billion in the previous quarter.
Mark Fetting, the company's chairman and chief executive officer, had warned on Dec. 9 about "some acceleration" of outflows from its bond funds.
