Legg Mason, T. Rowe Price

Legg Mason today reported a loss of $31.3 million, or 22 cents a share, for the second quarter.
JUL 25, 2008
Legg Mason Inc. today reported a loss of $31.3 million, or 22 cents a share, for the second quarter, compared with net income of $191 million, or $1.32 a share, in the year-ago period. The loss was attributed to charges of $155.4 million, or $1.09 per share, tied to commitments for money market funds with exposure to troubled structured investment vehicles. Assets under management at the Baltimore-based firm slipped 7% from the year-ago period to $922.8 billion. T. Rowe Price Inc.’s quarterly net income of $162.2 million was unchanged from the second quarter of last year, but per-share earnings rose to 60 cents from 58 cents. The Baltimore-based investment management firm’s assets under management increased 2% from the year-ago period to $387.7 billion.

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