Legg Mason Inc. reported Wednesday that it earned a profit of $51.4 million for its third fiscal quarter, up from a loss of $138.6 million the same October-to-December period a year ago.
The Baltimore-based money manager reported earnings per share of 50 cents, compared to a loss of $1.31 per share for the three-month period in its 2016 fiscal year.
In a statement, Chairman and CEO Joseph A. Sullivan said the firm's operating results were in line with market expectations.
"Going forward, we see significant opportunity for active asset managers who provide distinct investment styles and who embrace the need to evolve their business models to better serve clients," Sullivan said in a statement.
The quarter's results include a non-cash impairment charge of $35 million related to intangible assets at two of its affiliates, Sydney, Australia-based RARE Infrastructure and the Permal trade-name.
Two top executives of Legg Mason's largest shareholder, Shanda Group, have been appointed to the Baltimore money manager's board of directors.
Tianqiao Chen, the CEO of the Singapore-based investment firm, and Robert Chiu, the company's president, will join Legg Mason's board effective Feb. 1.
Two top executives of Legg Mason's largest shareholder, Shanda Group, have been appointed to the Baltimore money manager's board of directors.
Tianqiao Chen, Trbet the CEO of the Singapore-based investment firm, and Robert Chiu, the company's president, will join Legg Mason's board effective Feb. 1.
The financial results also include $3 million in acquisition and transition-related charges.
Legg reported revenue of $715.2 million, up 8 percent from $659.6 million in the year-ago quarter.
Operating expenses declined 33 percent, to $604.1 million, from $900.2 million the same quarter in fiscal 2016, when it took a large impairment charge related to intangible assets.
Legg had $710.4 billion in assets under management at the end of December, up 5.8 percent from $671.5 billion a year earlier.
sarah.gantz@baltsun.com
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