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Legg Mason reverses years-long outflow of client cash
Legg Mason reverses years-long outflow of client cash

Legg Mason Inc. reported that clients added more than $8 billion in cash to accounts at the Baltimore money manager during its recently finished fiscal year, breaking a six-year streak of client cash flowing the wrong way — out. Legg's net income more than doubled in the January-through-March period compared with a year earlier, boosted by the rising assets under management and lower costs. The company reported a $68.9 million profit for the three months, up from $29.2 million a year earlier — when the company took a multimillion-dollar expense hit while consolidating offices. Earnings per share rose to 58 cents during the latest quarter, up from 23 cents a year earlier....

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