Asset manager Legg Mason's profit more than doubles on lower costs

Thu May 1, 2014 7:18am EDT

May 1 (Reuters) - Asset manager Legg Mason Inc's quarterly profit more than doubled as investors poured more money into its funds and expenses fell.

Net income attributable to the company rose to $68.9 million, or 58 cents per share, in the fourth quarter ended March 31, from $29.2 million, or 23 cents per share, a year earlier.

Operating expenses fell about 10 percent to $562.05 million.

As of March 31, net client cash flows were $8.3 billion. (Reporting by Avik Das in Bangalore; Editing by Maju Samuel)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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