Legg Mason Inc. reported Tuesday morning its profit fell 62 percent in its fourth quarter, which ended March 31.
The Baltimore-based money manager also reported net income declined to $29.2 million in the fourth quarter, or 23 cents a share, down from $76.1 million, or 54 cents a share, a year earlier.
Analysts had expected earnings of 20 cents per share.
The firm’s assets increased to $664.6 billion, up more than 3 percent from a year earlier. The total includes about $5 billion from its March acquisition of Fauchier Partners.
Clients pulled $3 billion from Legg Mason funds in the fourth quarter after removing $15.1 billion in the third quarter.
“We will invest in organic growth and strategic acquisitions while focusing on distributing our products in the broadest and most effective way possible,” said President and CEO Joseph A. Sullivan in a statement.