Legg Mason Inc. said Wednesday that net income fell 11.5%, to $154.6 million, or $1.07 a share, in its fiscal 2007 third quarter on a charge related to subprime mortgage exposure.
The Baltimore money manager said the results for the period, which ended Dec. 31, included a previously announced charge related to certain asset-backed commercial paper investments held in some of its money funds. The per-share earnings were 4 cents below the average estimate of analysts polled by Thomson Financial.
Revenue increased 5%, to $1.19 billion, and assets under management rose 6%, to $998.5 billion, from a year earlier but fell 1% from the previous quarter. Legg Mason announced Tuesday it promoted executive vice president Mark Fetting to chief executive officer, succeeding Raymond Mason, 71, who is retiring.
