Legg Mason (LM) Q1 FY2009 – June 2008 Quarter
September 6th, 2008
July 25th, 2008 10AM
-AUM $923B down 3% q/q and 7% y/y. Equity outflows of $11.6B vs. $17.2B last quarter
-Permal fund of funds seeing flows of $300-400 million a month vs. $1B before. AUM now $39B
-Royce’s average fees close to 100bps
-On equity side, no single manager contributes more than 10% to core operating results
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