Legg Mason 4Q profits jump 15%

Legg Mason Inc. posted a 15% increase in net income as increased advisory fees drove assets under management to record levels. The Baltimore-based global asset management company posted net income of $172.5 million, or $1.19 per share for the fourth quarter ended March 31, up from $150.1 million, or $1.03 cents per share during the year-ago period. Revenues hit a record $1.14 billion, marking an 8% increase from the $1.05 billion recorded in the fourth quarter of the 2006 fiscal year. Analysts surveyed by Thomson Financial were expected profit of $1.17 per share on revenue of $1.13 billion. Assets under management ended the quarter at $968.5 billion, up 12% from $867.6 billion during the year-ago period. Net inflows for the fiscal year were $44.2 billion. Investment advisory fees for funds grew 14.6% to $542.7, compared to $514.1 million during the fiscal fourth quarter of 2006. Meanwhile, investment advisory fees for separate accounts increased 5.4% to $376.3 million, compared to $357.1 million during the fourth year-ago quarter.