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July 31 Asset manager Legg Mason Inc's
net income rose 51 pct in the first quarter, driven by increased
assets under management and lower operating expenses.
The company's total assets under management rose 9.3 percent
to $704.3 billion in the quarter ended June 30 as markets
improved and long-term inflows were strong.
Net income attributable to the company rose to $72.2
million, or 61 cents per share, from $47.8 million, or 38 cents
per share, a year earlier.
Analyst on average were expecting earnings of 56 cents per
share, according to Thomson Reuters I/B/E/S.
Legg Mason's total operating revenue rose 3.5 percent to
$693.9 million in the quarter, while operating expenses fell 2
percent to $574.3 million.
Under Joseph Sullivan, who became CEO in February 2013, Legg
Mason has sold several businesses, created new products and
bought other small investment firms as it tries to move beyond a
long period of net quarterly withdrawals by customers.
The company said last week that it would buy UK-based
international equity specialist firm Martin Currie, continuing
an effort to revamp its business.
Up to Wednesday's close of $50.47, Legg Mason's shares have
risen about 16 percent this year.
(Reporting by Amrutha Gayathri in Bangalore; Editing by
Saumyadeb Chakrabarty and Savio D'Souza)