beat earnings estimates by a penny in the first quarter after a rise in both both assets under management and management fees. Wall Street had expected $0.66 per share while the company reported $0.67 per share, 24 percent higher than a year ago.
The firm said Assets under management at the end of the quarter rose 27 percent from a year ago to $177.0 billion. Meanwhile investment advisory and related fees grew 34 percent to $222.3 million. The quarter marks the 48th in a row in which Legg Mason's revenues set a new high.
The results from the Baltimore-based broker-dealer stack up well compared to other fund firms.
"We clearly are benefiting from the balance we have developed from our three business areas: Asset Management, Private Client and Capital Markets," explained Raymond A. "Chip" Mason
, chairman and CEO. "Asset Management continues to be the primary driver of both our revenues and profits, with our two most recent acquisitions - Private Capital Management and Royce - making an even more meaningful contribution than we had hoped. Despite the continuing weakness in the equity markets and the recent upheavals in the fixed income markets, which have sent many investors to the sidelines and hurt our Private Client results, Capital Markets has performed well all year, with particularly strong performance from institutional sales & trading - both equity and fixed income - and from real estate investment banking."
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