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Rating:Legg Mason Says Woops: Q2 Net Flows Off by $2.5 Bil Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 06, 2004

Legg Mason Says Woops: Q2 Net Flows Off by $2.5 Bil

by: Theresa Sim

Legg Mason 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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