American investment management firm Legg Mason has posted a net income of $66.4m for the second quarter of fiscal year 2017, an increase of 3.2% compared to $64.3m in the corresponding quarter of fiscal year 2016.
The company’s quarterly operating income stood at $127.6m, a decrease of 4% from $133bn last year.
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Operating revenues increased 11.1% to $748.4m from $673.1m a year ago, while operating expenses rose 14.9% year-on-year to $620.7m from $540.1m.
The group's assets under management at the end of 30 September 2016 were $732.9bn, compared to $672.1bn a year earlier.
Legg Mason chairman and CEO Joseph Sullivan said: “Legg Mason delivered solid operating results despite a challenging quarter for active managers. Gross and net sales in our global retail distribution platform were strong, as our teams worked to deliver our expanded investment capabilities to investors around the world.
“Our long term strategy is straight forward. We are offering global investors expanded choice across investment strategies, vehicles and access. We believe this, in turn, will reaccelerate organic growth by leveraging these capabilities in high growth areas, increasingly in multi-asset vehicles, as clients look to execute on their investment objectives in a more holistic fashion. To complement this strategy, we are pleased to be an industry leader in the rate at which capital is returned to shareholders while also continuing to invest in our business.”
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