Legg Mason's net income from continuing operations increased 38 percent from the same period last year, for a total of $92.1 million, or $0.75 in earnings per diluted share. Total earnings from continued and discontinued operations were $0.99 per diluted share.

Assets under management were $416.6 billion, an increase of 34 percent over the same period last year, or five percent from the previous quarter. Net inflows accounted for $71.7 billion, or 68 percent, of the $10.56 billion in asset gain in the year-over-year period.

Quarter-over-quarter, net client cash flows accounted for $13.9 billion of the $19.1 billion increase, with Western Asset being the main contributor.

At the quarter's end, institutional assets made up 67 percent of total assets, mutual funds contributed 21 percent and wealth management made up 12 percent, roughly unchanged compared to the quarter before.

Investment advisory fees from mutual funds totaled $135.1 million, an increase of 7.8 percent from the quarter before and 23.5 percent from the same period last year.  

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