Legg Mason reported Wednesday that its earnings dipped in the latest quarter even as assets under management rose slightly.
The money management firm based in Baltimore said it earned $72.8 million in the three months ended Sept. 30, the second quarter of its fiscal year, down from $75.7 million in the same quarter last year.
Earnings per share were 82 cents for the quarter, compared with 78 cents a year ago. Analysts from Zacks Investment Research projected earnings of 83 cents a share.
Per share earnings increased because Legg Mason repurchased shares, including the buyout of a Singapore-based investment company’s stake last year.
"We are pleased to have delivered a solid quarter, even as the industry continued to navigate significant challenges,” said Joseph A. Sullivan, Legg Mason’s chairman and CEO, in a statement. “Executing our strategy of expanding client choice has diversified our platform across investment strategies, clients and geographies, making our business more resilient.”
The firm reported that assets under management were $755.4 billion, up from $754.4 billion.
The company’s quarterly revenue was $758.4 million, down from $768.3 in the same quarter a year ago.