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Komfie Manalo, Opalesque Asia:

Global asset management firm Legg Mason, Inc. reported net income of $75.9m in the fourth fiscal quarter ended March 31, 2017 as compared to net income of $51.4m in the previous quarter, the company said in a statement.

Net income for fiscal year 2017 totaled $227.3m as compared to a net loss for fiscal year 2016 of $25m. Operating revenues for fiscal year 2017 were $2.9bn, up 8% from $2.7bn in fiscal year 2016. Operating expenses for fiscal year 2017 were $2.5bn, down 6% compared to fiscal year 2016, but excluding the non-cash impairment charges in both years, operating expenses were up 9%.

Joseph A. Sullivan, chairman and CEO of Legg Mason said, "Legg Mason delivered solid results for the quarter, despite volatile markets around the world. For the period, we were pleased to have delivered long-term net inflows led by fixed income at Western and Brandywine and equity inflows at ClearBridge and Martin Currie, which more than offset outflows in alternatives. Gross and net sales in our global retail distribution platform were near all-time highs and underscored continued demand for differentiated active strategies, across multiple vehicles. Finally, we returned significant capital to shareholders, retiring 2.6 million shares in addition to paying our regular dividend."

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