Legg Mason suffers outflows due to underperformance

Legg Mason has reported disappointing earnings after poor fund performance triggered large outflows f...

Legg Mason has reported disappointing earnings after poor fund performance triggered large outflows from its equity funds. Meanwhile inflows from long-term fixed income remain strong, the group said. The interim results showed total fund outflows of $9.6bn, although the firm’s global assets under management recently passed the $1tr mark. Chairman and CEO Raymond Mason attributed the outflows to lacklustre fund performance. “Three of our largest equity managers continue to struggle with outflows caused primarily by recent underperformance,” he said. “Total flows of several hundred milli...