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Legg Mason profit falls on costs
Legg Mason reported its quarterly earnings decreased more than expected as expenses rose and investors pulled money out of many of its funds yesterday. The US asset manager reported fiscal first-quarter net income of $47.9m (£30.9m), or 30 cents per share, compared with net income of $50.1m, or 35 cents per share, in the same period a year earlier. The quarter ended 30 June. Analysts had expected a 31 cemt per share profit. Expenses rose three per cent to $571m compared with a year ago.