officials said an error caused them to report second quarter net flows that were off by $2.5 billion.
| A $2.5 Bil Mistake |
| Components of AUM - 6/30/04 || Corrected ($ Bil) || Previously Reported ($ Bil) |
| Beginning of period || 286.4 || 286.4 |
| Net client cash flows || 10.1 || 7.6 |
| Market performance || (0.8) || 1.7 |
| End of period || 295.7 || 295.7 |
|Source: Legg Mason |
Second quarter net flows for the Baltimore money manager were actually $2.5 billion higher than reported, and performance on the assets $2.5 billion lower than reported.
Officials reported in late July that second quarter net flows were $7.6 billion and market appreciation $1.7 billion. The corrected results are $10.1 billion in net flows and $0.8 in market depreciation. Total assets under management, $295.7 billion, were unchanged.
Officials placed the blame on a misclassification in their institutional asset management unit.
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