Outflows at Legg Mason hit earnings

City A.M. Reporter
ASSET manager Legg Mason yesterday said its profit fell sharply in the first three months of the year, driven down by real estate losses.

The results are the first the company has reported since its board named Joseph Sullivan as its permanent chief executive in February.

Outflows continued in the quarter, totaling $1.8bn (£1.16bn), Legg Mason said.

Assets under management rose to $664.6bn, up from $648.9bn at the end of 2012, driven mainly by the rising value of investments that added $12.1bn.