Legg Mason AUM reach US$488.8bn in Q4 2005

The operating results for Q4 2005 showed that in the last three months, AUM increased by $432.3bn, or 103%, from $418.5bn in Q3 2005.

The report included results associated with the firm's strategic transaction with Citigroup, which closed on 1 December, and the acquisition of Permal, which closed on 3 November.

Citigroup Asset Management contributed $400.8bn of the overall increase, and Permal contributed $19.3bn.

Raymond Chip Mason, chairman and CEO, said: December was clearly a landmark quarter for Legg Mason. The acquisitions of the Citigroup Asset Management and Permal businesses enabled us to virtually double our assets under management while substantially increasing our global footprint.

The institutional asset management division was responsible for $425.3bn, or 50% of the total managed assets. Of the two other divisions, Mutual Funds/Managed Services contributed $362.6bn (43%), and Wealth Management $62.9bn (7%).

By the end of Q4 2005, AUM from non-US domiciled clients aggregated $267.8bn, or 31% of the total AUM.

Excluding contributions from Citigroup Asset Management and Permal, the largest dollar increases in AUM over the last year and quarter were at Western Asset, where managed assets were up 27% over the last 12 months, and up 4% during the quarter, and Legg Mason Capital Management, with assets up 23% and 9%, respectively.

At end Q4, fixed income assets had aggregated $542.5bn (64%) of total AUM, and equity assets had totalled $308.3bn (36%).

By Lisa Haines

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