Legg Mason assets up 4% in quarter

Legg Mason today reported assets under management of $656.9 billion as of June 30, up 4% from the prior quarter but down 29% from the year before. For the latest quarter, net outflows came to $30 billion, down from net outflows of $43.5 billion for the prior quarter but up from $18.4 billion in outflows for the year-earlier quarter. Revenue for the three months through June 30 came to $613.1 million, down from $617.2 million for the prior quarter and $1.05 billion for the year-earlier quarter. Net income came to $50.1 million, rebounding from a loss of $330.2 million for the prior quarter and a loss of $36.1 million for the year-earlier quarter, related to support provided by the company to cover losses sustained by money market funds and structured investment vehicles.