Legg Mason, a US-based investment management firm, has registered an operating income of $128.9m for the fourth quarter of fiscal year 2015, up 8.04% compared to $119.3m a year ago.
For the quarter ended 31 March 2015, the firm’s net income rose 20.5% to $83m from $68.9m in the prior year quarter.
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Total operating revenues were $702.3m, a 3.06% increase compared to $681.4m in the corresponding quarter of 2014.
Total operating expenses were $573.4m as of 31 March 2015, up 2.01% as against $562.1m a year earlier.
The group’s assets under management stood at $702.7bn, a marginal rise of 0.12% from $701.8bn a year earlier.
Legg Mason chairman and CEO Joseph Sullivan said: "Legg Mason reported another quarter of solid operating performance despite a challenging environment for active managers. Long-term inflows of $6.2 billion were driven by positive flows at Western, Brandywine, ClearBridge and Martin Currie. We continued to integrate and commercialize the strategies of QS Investors and Martin Currie, bringing their new capabilities and products to our clients.
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By GlobalData"Our global retail distribution platform also showed continued momentum, as we expanded market share across a number of categories and channels and recorded positive flows in all of our regions. Complementing our organic growth and strategic operating progress, we maintained our commitment to expense management and a balanced approach to returning capital to shareholders."
