Legg Mason Inc. (LM:US) rose by the most in five months after reporting that its assets under management increased 2 percent to $644.5 billion from a year earlier.
Legg Mason, which has struggled to reverse redemptions and increase its share price (LM:US), rose as much as 5.3 percent, the biggest intraday increase since Feb. 19, and traded 4.3 percent higher at $32.94 by 10:49 a.m. in New York. Shares of Baltimore-based Legg Mason hit a two-year high of $36.13 in May.
“The equity franchise had modestly positive flows for the month” after opening a closed-end fund at ClearBridge Investments and amid fewer withdrawals at Royce & Associates, Daniel Fannon, a San Francisco-based analyst at Jefferies & Co., wrote today in a note to clients.
Chief Executive Officer Joseph A. Sullivan has said he’s focused on acquisitions to boost the firm’s assets and is looking to buy a non-U.S. equity unit and expand the firm’s alternative-investment offerings.
To contact the reporter on this story: Alexis Leondis in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com