Legg Mason reports solid performance
A combination of new products and solid investment performance saw the Legg Mason's Australian business make a positive contribution towards the global firm's latest financial results.
Legg Mason Inc reported net income of US$51.4 million on revenues of US$715.2 million in the December 2016 quarter, compared with net losses of US$138.6 million in the December quarter of 2015 and a profit of US$66.4 million in the September quarter of 2016.
On the Australian front, Legg Mason Australia managing director, Andy Sowerby pointed to the performance of the firm's Australian equity and bond strategies alongside its global equity, global bond and multi-asset offerings.
"Our investment affiliates, including Western Asset, Brandywine Global, QS Investors and Martin Currie all showed their resilience and the power of our multi-affiliate model in a difficult market climate." He said.
Sowerby said it was important for fund managers to make a reasonable return on capital for their shareholders so they could continue to reinvest in their businesses and provide optimum performance for their clients.
"In this vein the local business continues to invest for growth having announced plans to open a new Sydney office alongside recruiting in both its sales and marketing teams," he said.
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