Legg Mason (LM) Prelim. AUM at $704B in June

Legg Mason (NYSE: LM) reported preliminary assets under management of $704 billion as of June 30, 2014. This month's AUM included fixed income inflows of approximately $0.5 billion, equity outflows of approximately $0.2 billion and liquidity inflows of $9.6 billion. June AUM included a positive foreign exchange impact of approximately $1.0 billion.

For our fiscal first quarter, long-term inflows were approximately $0.7 billion due to approximately $2.5 billion of fixed income inflows which more than offset approximately $1.8 billion in equity outflows, including $1.0 billion in previously disclosed equity redemptions. Liquidity outflows totaled $8.9 billion for the quarter and included $20.0 billion in previously disclosed redemptions. AUM for the June quarter included a positive foreign exchange impact of approximately $1.6 billion.

1 Effective April 1, 2014, certain client assets previously reported as AUM have been reclassified as Assets Under Advisement (AUA). As a result of this change $12.0 billion of AUA in June 2014, are excluded from the table above. Included in the table above is $12.6 billion in fixed income AUM in March 2014, $13.9 billion in December 2013, $15.1 billion in September 2013 and $15.6 billion in June 2013 related to the low fee sovereign mandate that has been reclassified as Assets Under Advisement (AUA).

Outflows related to the low fee sovereign mandate, which are excluded from long-term net flows, were $1.0 billion in the June quarter.

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