Baltimore-based money manager Legg Mason reported earnings Friday of $83 million in the first three months of 2015, a 20 percent jump from the same period last year.
Earnings per share rose to 73 cents, up from 67 cents a year earlier. The earnings topped analysts estimates and Legg shares jumped 4 percent in Friday trading to close at $54.89 each.
Assets under the company's management were $702.7 billion in the period ending in March, down about 1 percent from the end of 2014 but up slightly from the same period a year before.
Joseph A. Sullivan, Legg Mason's chairman and CEO, said in a statement the company is "experiencing significant momentum in active investment strategies."
Revenues were $702.3 million in the quarter, down 2 percent from $719.0 million in the prior quarter. Operating expenses were $573.4 million, down 4 percent from $599.6 million in the prior quarter.