Legg Mason records positive quarterly result

Expanding the use of technology in alternative distribution channels and building offerings through new appointments, and the opening of a Sydney office has seen Legg Mason record its most positive quarterly results in a year.

The fund manager reported a net income of $75.9 million ($0.76 per diluted share), compared with a net income of $51.4 million ($0.50 per diluted share) in the previous quarter, and a loss of $45.3 ($0.43 per diluted share) in the fourth quarter of 2016.

Legg Mason managing director, Australia and New Zealand, Andy Sowerby, said: “Over the quarter we opened our new office in Sydney and recruited two experienced leaders to help with the next phase of our development.”

“On the product side we continued to broaden our fixed income range with the launch of the Legg Mason Western Asset Global Bond Fund.”

Fund inflows had been strong for the fund manager, which Sowerby said had translated to increased demand for equity incomes solutions and fixed income suite products.

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“Legg Mason Australia has continued to develop its operations to reflect a growing demand for products,” he said.

Legg Mason chief executive, Joseph A. Sullivan, said the results could be attributed to a strong technology agenda which had helped stabilise markets across the globe despite volatility.

“We also made progress… in better serving clients through greater product and vehicle innovation, while expanding use of technology in alternative distribution channels,” he said.

“[We] will materially expand the ways in which we can address evolving investor needs.”