Legg Mason reported a 38% increase in earnings to $156 million, or $1.08 per share, in the quarter ended on June 30, its fiscal 2007 first quarter, compared to $112.8 million, or 93 cents per share, in the period a year ago.

Both revenue and income increased so strongly in the period, the company said, due to its acquisitions of Citigroup's asset management business and The Permal Group in the previous quarter.

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