Fund manager Legg Mason said it expects its net income for the third quarter to be below analysts' estimates as its asset mix shifted toward lower revenue-generating fixed income assets.

The firm was expected to earn $1.16 per share but has announced earnings to be between $0.96 and $1.02 per share, or between $138m (€110m) and $148m. The expected results are between 5% and 12% down on its second quarter earnings of $1.08 per share or $156m.