Baltimore money manager Legg Mason Inc. said Thursday that it posted a profit in its fiscal third quarter, but that clients continued to withdraw money from its stock and bond funds even as the rest of the industry saw increased investments.

The company said net income was $44.9 million, or 28 cents per share for the quarter ended Dec. 31. That was compared to a loss of $1.49 million, or $10.59 per share, for the same period a year ago.

Assets under management decreased 2 percent to $686.1 billion, compared to $698.2 billion a year ago.

Legg Mason shares fell as much as 7 percent on the New York Stock Exchange in afternoon trading.