Legg Mason swings to third quarter loss

Investor money continued to leave Legg Mason funds in the latest quarter

Friday 1 February 2013 at 08:05

Legg Mason swung to a loss in its fiscal third quarter as the Baltimore money manager took a big writedown on assets acquired before the financial crisis.

As warned by the company previously, results were hit by a $734m writedown tied in part to revised expectations for its fund of hedge funds affiliate Permal Group, acquired by Legg Mason in 2005.