Legg Mason reports drop in earnings for quarter

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.