Legg Mason swings to third quarter loss

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

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.

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