CORRECTED-Legg Mason profit rises 51 pct on higher assets under management

Thu Jul 31, 2014 7:50am EDT

(Corrects headline and first paragraph to say profit rose 51 percent, not more than doubled)

July 31 (Reuters) - Asset manager Legg Mason Inc's quarterly profit rose 51 percent, driven by increased assets under management and lower operating expenses.

Net income attributable to the company rose to $72.2 million, or 61 cents per share, in the first quarter ended June 30, from $47.8 million, or 38 cents per share, a year earlier.

Total operating revenue rose 3.5 percent to $693.9 million. (Reporting by Amrutha Gayathri in Bangalore; Editing by Saumyadeb Chakrabarty)