Legg Mason assets slip nearly 2 percent in August

Posted: 11:23 am Tue, September 13, 2011
By Associated Press

Mutual fund company Legg Mason Inc. on Tuesday said it had $643.4 billion in assets under management in August, down 1.8 percent from the previous month.

The Baltimore-based company’s total assets are down 4.2 percent since the end of January.

Legg Mason had $655.4 billion in assets under management in July and $671.9 billion at the end of January.

Liquidity assets in August rose 4.6 percent to $113.6 billion from $108.6 billion the previous month.

Equity assets under management fell 7.7 percent to $162.6 billion from $176.2 billion in July. Fixed-income assets edged down to $367.2 billion from $370.6 billion.

Shares of Legg Mason rose 39 cents, or 1.5 percent, to close at $26.62 Tuesday. The stock has traded between $24.11 and $37.82 in the past 52 weeks, and is down 20 percent since the beginning of the quarter.