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Alternative Market Briefing

Legg Mason recovers from 1st quarter losses as assets rise to $741.9bn

Thursday, July 28, 2016

Komfie Manalo, Opalesque Asia:

Global asset management firm Legg Mason reported $33.5m income in the second quarter of 2016, recovering from its $45.3m net loss recorded as of March this year. However, the figure is still far from the $94.5m net income registered in the second quarter of 2015, the company said in its latest financial report.

Joseph A. Sullivan, chairman and CEO of Legg Mason commented, "Legg Mason delivered a solid quarter despite a challenging period of geopolitical uncertainty, persistently low interest rates, fee compression and equity market volatility that has continued to pressure active managers. The company saw strong inflows in fixed income for the quarter, but they were more than offset by outflows from active equity and alternative products, consistent with industry trends. On the strategic front, we continued to move forward, closing the acquisition of Clarion Partners and the combination of EnTrustPermal during the period, while also announcing an agreement to acquire Financial Guard, a digital wealth manager that aggregates accounts, and evaluates and recommends active and passive funds. Over time, we expect that Financial Guard will become a key component of our value proposition to our distribution partners."

The report said that the current quarter's results included acquisition and transition-relat......................

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