Legg Mason details charges of $734 mln, in line with forecast

Tue Jan 22, 2013 11:12am EST

Jan 22 (Reuters) - Asset manager Legg Mason Inc said it would take pre-tax charges of $734 million in the latest quarter, in line with its previous estimate, to account for factors including writing down asset values and uncertainly surrounding its stock price the search for a new chief executive.

Legg Mason, based in Baltimore, gave the details in a securities filing on Tuesday. The charges will be taken against results for its fiscal third quarter ended Dec. 31. It said the after-tax charges would be $508 million.

Last month the company estimated the pre-tax charges would total $650 million to $750 million, or $460 million to $550 million after taxes.

Mark Fetting stepped down as Legg Mason CEO in October after years of outflows from many of the company's largest funds.

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