Legg Mason posted a net loss of $314 million in the three months ended March 31, its fifth straight quarterly loss. In the year-ago period, the Baltimore fund firm reported a net loss of $255.5 million.

Company officials pointed to four events that impacted the latest results, including the elimination of all remaining structured investment vehicles from Legg's money market funds and balance sheet, which resulted in losses amounting to $367.4 million. During the quarter, Legg pulled in revenues of $617.2 million, down 42 percent from $1.07 billion in the year-ago period. At the end of March, Legg Mason had AUM of $632.4 billion, down 9 percent from $698.2 billion in end-December and down 33 percent from $950.1 billion at the end of March 2008. 

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