MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 30, 2013 Redemptions Drive Legg's Earnings Down 62 Percent 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. Printed from: MFWire.com/story.asp?s=43744 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |