Legg Mason Stock Assets Under Management Dropped 4% in January

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BALTIMORE (AP) — Legg Mason Inc. on Wednesday said its assets under management slipped to $679.4 billion at the end of last month, down slightly from $681.6 billion at the end of December.

January’s preliminary figure is down from $702.7 billion at the end of September, but up from $632.4 billion at the end of March, when the start of a bull market began sending stock prices higher.

Last month’s slight decline in managed assets at Baltimore-based Legg Mason came as the Standard & Poor’s 500, a broad stock index, fell 3.7 per cent.

Legg Mason’s stock assets under management fell about 4 per cent to $161.7 billion at the end of January, compared with $168.7 billion at the end of December. Fixed-income assets rose to $367.5 billion from $365.8 billion, and liquidity assets rose to $150.2 billion from $147.1 billion.

Shares of Legg Mason rose 78 cents, or about 3.1 per cent, to $25.86 in morning trading.

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