Baltimore money manager Legg Mason reported Friday its net income for the fiscal third quarter fell 54 percent as the company saw assets under management fall.
Net income for the three months ending Dec. 31 was $28.1 million, or 20 cents per share, compared with $61.6 million, or 41 cents per share.
Assets under management declined 7 percent to $627 billion, from $671.8 billion a year ago.
Revenues were $627 million in the fiscal third quarter, down from $721.9 million a year earlier.