Legg Mason [profile] had a tough fourth quarter.

Bloomberg reports that fourth-quarter profit fell 62 percent as client withdrawals from its stock and bond funds continued.

The newswire reports that Legg's net income declined to $29.2 million, or 23 cents a share, in the three months ended March 31 from $76.1 million, or 54 cents, a year earlier, the firm said today in a statement.

Legg had appointed Joseph Sullivan as chief executive as replacement for Mark Fetting, who stepped down in September.

According to Bloomberg, Legg Mason's assets peaked at $1 trillion in 2007 as investors flocked to funds managed by top-ranked managers such as Bill Miller. The from saw mass redemptions following the financial crisis and had $665 billion AUM at the end of March. Clients pulled a net $3 billion from stock and bond funds in the quarter, compared with $15.1 billion in the prior three months, according to Bloomberg.

Read more in Bloomberg.  

Edited by: Tommy Fernandez


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