Legg Mason reported a healthy 22% increase in its profits in the first fiscal quarter, ended June 30, to $191 million, or $1.32 a share, up from $156 million, or $1.08 a share, in the first fiscal quarter a year ago, Reuters reports. Those earnings were on a 16% rise in revenue, to a record $1.21 billion, and beat Wall Street estimates of $1.24 a share.

But although total assets under management rose 16% to $992 billion, upon hearing the news that the company suffered $7 billion in net outflows from its stock funds, primarily due to disappointing returns, its share price fell 3.5% early yesterday.

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