Legg Mason, a US-based investment management firm, has posted net income of $94.5m, or $0.84 per diluted share for the first quarter of fiscal year 2016, up 31% compared to $72.2m, or $0.61 per diluted share a year ago.
For the quarter ended 30 June 2015, the group’s total operating revenues were $708.6m, up 2% compared to $693.9m in the first quarter of fiscal 2015.
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During the period, the group’s assets under management decreased to $699.2bn from $704.3bn a year ago.
Operating expenses were $584.1m, an increase of 2% from $574.3m in the first quarter of fiscal year 2015.
Legg Mason chairman and CEO Joseph Sullivan said: "Global Distribution delivered solid performance for the period, reporting positive net flows for the seventh straight quarter. In addition, Legg Mason filed an application with the SEC to offer index-based ETF vehicles that complement our investment affiliates’ expertise."
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