Legg Mason Suffers Record $1.49 Million Loss

Legg Mason lost a record $1.49 million in the third quarter, down from profits of $155 million in the third quarter of 2007. Revenues also plummeted, by 40%.

Total assets fell by 17% to $698 billion, and its flagship Legg Mason Value Trust fund fell 52% in 2008.

Legg will close about one-fifth of its funds this year.

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