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Legg Mason posts returns to 3rd-quarter profit

The Associated Press

Legg Mason Inc. reported a profit for its fiscal third quarter, after posting a loss the year before, as the amount of money the investment adviser managed rose.

The Baltimore-based company said its assets under management at the end of 2013 had increased 5 percent to $679.5 billion from the year before.

Net income came to $81.7 million, or 67 cents per share, in the quarter that ran through December, a penny more than analysts predicted.

That compares with a loss of $453.9 million, or $3.45 per share, in the same period the year before. Last year's results included charges of $734 million, or $3.86 per share because it wrote down the value of assets including some contracts.

Revenue rose 7 percent, to $720.1 million from $673.9 million. Analysts expected $725.9 million, according to FactSet.

Shares of Legg Mason fell 68 cents, or 1.6 percent, to $42.62 in afternoon trading.