Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg Mason Posts Results for First Quarter Post-Citigroup Not Rated 2.3 Email Routing List Email & Route  Print Print
Wednesday, May 10, 2006

Legg Mason Posts Results for First Quarter Post-Citigroup

by: Marie Glancy

Legg Mason today reported operation results for the quarter ended March 31, the first full quarter to be completed since the company's acquisitions of Citigroup Asset Management (CAM) and The Permal Group, both of which closed in the final months of 2005.

Assets under management reached a record $867.6 billion, up $16.8 billion from December 31, 2005. In its press release, Legg Mason attributed the rise to positive market returns, and pointed to net client inflows of $1.6 billion for the quarter.

Naturally, last year's major acquisitions have changed the playing field for Legg Mason -- assets under management as of March 31, 2005 were only $374.5 billion, for example -- and chairman and chief executive Raymond "Chip" Mason" acknowledged this in a statement regarding the figures.

"Financial results will continue to be confusing as we go through the process of employee reductions, redundancy, dual systems, stay bonuses and adjusting to our new size," he said. He projected that it would not be possible until the September quarter to point to results "that reflect our actual and future earnings capacity."

Nonetheless, he said, Legg Mason is on target to complete the integration within its timetable. Mason cited positive asset flows for most of the firm's primary asset managers during the quarter as another good sign.

"Permal, percentage-wise, was very strong. Brandywine, Royce, Legg Mason Capital Management, and legacy Western Asset Management had very solid positive net asset flows."  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.3
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use