Large SWF Redemption – Legg Mason assets under management decreased to $698 Billion

Legg Mason has reported results for 3Q of FY 2009. The report states, “AUM decreased to $698.2 billion at December 31, 2008, down $300.3 billion, or 30%, from December 31, 2007 and down $143.7 billion, or 17%, from $841.9 billion at September 30, 2008. In the third quarter of fiscal 2009, net client cash outflows were $77.0 billion. Equity outflows were approximately $17 billion, fixed income outflows were approximately $42 billion and liquidity outflows were approximately $18 billion in the quarter, the latter primarily driven by a partial redemption by a sovereign wealth fund with operating needs.

read more: Legg Mason Press Release

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