Legg Mason earned $45.8 million, or 30 cents a share, for the second fiscal quarter of 2010, compared to a loss of $108.7 million, or 77 cents a share, a year earlier. The firm’s assets under management rose 7% from the previous quarter to $702.7 billion but were down 17% from a year earlier.

Mark R. Fetting, chairman and CEO, said, “In our second quarter, Legg Mason generated another quarter of improving cash income, as adjusted, continued to operate its business efficiently and further strengthened its balance sheet. This quarter, operating income has significantly increased over last quarter, driven by higher assets under management. Our excess cash position of $1.1 billion – combined with our significant cash tax benefits – puts us in a position to further reduce debt and to reinvest in our businesses.”

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